Consolidated Communications Shares Decline
SAN FRANCISCO (AP) ¿ Shares of telecommunications-service provider Consolidated Communications Holdings Inc. fell Monday after a Raymond James analyst downgraded shares to "Market Perform" from "Outperform," citing a recent increase in the stock's value.
The company's shares fell 62 cents, or 3.6 percent, to $16.68.
In a client note, Raymond James analyst Frank G. Louthan IV said the company's shares have risen "significantly" in the past few weeks and are up 53 percent year-to-date ¿ much higher than the average increase of its peers' shares.
"With the stock up 53 percent year-to-date, compared to the market up 19 percent, we do not expect similar levels of outperformance going forward," he said.Louthan said that Consolidated Communications' plans for IPTV, or Internet protocol television ¿ a technology that can deliver television content over the Internet ¿ and the possibility that it will be involved in some energy-related projects will help its sales over time. The near-term benefit from these initiatives to the company is already factored into the share price, though, he added.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV