Qwest rises after upgrade
Written on August 13, 2008
Shares of Qwest Communications International Inc. rose in morning trading Monday after a Citi Investment Research analyst upgraded the stock, saying Qwest could report improved sales and top Wall Street’s expectations.
Michael Rollins raised his rating to "Buy" from "Hold." He said Qwest (Q, Fortune 500) should report improved enterprise sales because it has expanded its sales force. He said that will help counteract falling mass market sales, and Rollins said the company could further improve its results by restructuring its operations and finances.
Qwest stock rose 17 cents, or 4.6%, to $3.99 in Monday morning trading paydayloan. Shares closed at $3.81 Friday, and hit a three-year low of $3.39 Thursday.
Rollins added that the Denver-based company could surpass analyst expectations if wholesale revenue, which has been declining, becomes more stable.
Qwest shares have dropped 45.7% in 2008, and are down 60% from their annual high of $9.58, set in October 2007.
Filed in: economics.