Why CenturyLink Stock Dropped Today
Shares of CenturyLink (NYSE: CTL) have dropped today, down by 6% as of 12:10 p.m. EDT, after the company received a downgrade from Wall Street. The COVID-19 pandemic is expected to hurt the regional telecom's business, which is already fragile.
Citi analyst Michael Rollins has cut his rating on CenturyLink shares from neutral to sell and slashed his price target from $13 to $6. The novel coronavirus outbreak has created new risks to the wireline business over the next two years, particularly as recession fears loom due to the unprecedented crisis.
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Source Fool.com