NEW YORK (TheStreet) -- Shares of Frontier Communications (FTR) were falling 11.2% to $3.49 on heavy trading volume mid-Wednesday afternoon after the telecom company posted lower-than-anticipated revenue for the 2016 third quarter.
Following yesterday's closing bell, Norwalk, CT-based Frontier said revenue for the quarter was $2.52 billion, below Wall Street's projections of $2.57 billion.
The company posted an adjusted loss of 4 cents per share, which matched analysts' estimates.
For the fourth quarter, the company expects adjusted EBITDA of at least $1 billion.
Frontier sees full-year adjusted free cash flow between $920 million and $950 million. The company forecasts capital expenditures for the year of $1.25 billion to $1.28 billion.
Deutsche Bank downgraded the stock to "hold" from "buy" and lowered its price target to $4 from $5 earlier today. The firm said that "elevated share losses and revenue degradation are likely to continue in upcoming quarters."
The firm added that cutting costs is "not enough" to offset losses.
Additionally, Wells Fargo cut its rating to "market perform" from "outperform" on the stock today due to Frontier's "disappointing" results, according to the Fly.
More than 60.60 million shares of Frontier have traded so far today vs. its 30-day average volume of 20.69 million.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
TheStreet Ratings rated this stock as a "hold" with a ratings score of C-.