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.
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