Why Lumen Technologies Stock Plummeted by 6% Today
The weekend couldn't come fast enough for telecom stock Lumen Technologies (NYSE: LUMN). The company's shares took a nasty hit of more than 6% on Friday following a significant price-target cut from an influential bank. That decline was notably steeper than that of the S 500 index, which dipped by 0.1% on the day.
The cutting party was no less a financial institution than . The big bank's analyst Michael Rollins was the man behind the slice. He trimmed his Lumen price target to $2.50 per share, a chop of nearly 30% from his previous level of $3.50. In doing so, he maintained his sell recommendation on the stock.
His reasoning wasn't immediately apparent, but it's in line with general investor and analyst sentiment on the company these days. Lumen kicked off May by reporting first-quarter results many observers and shareholders found wanting -- not least because the telecom saw significant top- and bottom-line declines on a year-over-year basis. It also missed the consensus-analyst estimate for profitability.
Source Fool.com
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