UBS AG Lowers Frontier Communications Corporation (FTR) Price Target to $13.00

Frontier Communications Corporation (NASDAQ:FTR) had its target price dropped by research analysts at UBS AG from $15.00 to $13.00 in a report issued on Wednesday. The brokerage presently has a “neutral” rating on the utilities provider’s stock.

Other equities analysts have also recently issued reports about the company. Hilliard Lyons cut Frontier Communications Corporation from a “neutral” rating to an “underperform” rating in a report on Wednesday, August 9th. Morgan Stanley dropped their target price on Frontier Communications Corporation to $16.00 and set an “equal weight” rating for the company in a report on Wednesday, August 23rd. BidaskClub cut Frontier Communications Corporation from a “hold” rating to a “sell” rating in a report on Saturday, September 16th. Royal Bank Of Canada reissued a “sector perform” rating and issued a $16.00 target price on shares of Frontier Communications Corporation in a report on Tuesday, August 8th. Finally, Jefferies Group LLC reissued a “buy” rating and issued a $25.00 target price (down from $30.00) on shares of Frontier Communications Corporation in a report on Wednesday, August 2nd. Five research analysts have rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. Frontier Communications Corporation currently has an average rating of “Hold” and a consensus target price of $9.93.

Frontier Communications Corporation (NASDAQ:FTR) last posted its quarterly earnings results on Tuesday, October 31st. The utilities provider reported ($0.94) EPS for the quarter, beating the consensus estimate of ($0.95) by $0.01. The firm had revenue of $2.25 billion during the quarter, compared to analysts’ expectations of $2.25 billion. Frontier Communications Corporation had a negative return on equity of 1.97% and a negative net margin of 9.17%. The company’s revenue for the quarter was down 10.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.64) EPS.

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A number of institutional investors and hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. boosted its position in Frontier Communications Corporation by 9.9% in the 2nd quarter. Vanguard Group Inc. now owns 116,799,968 shares of the utilities provider’s stock valued at $135,488,000 after buying an additional 10,474,703 shares during the last quarter. BlackRock Inc. boosted its position in Frontier Communications Corporation by 4,683.4% in the 1st quarter. BlackRock Inc. now owns 116,003,627 shares of the utilities provider’s stock valued at $248,246,000 after buying an additional 113,578,500 shares during the last quarter. State Street Corp boosted its position in Frontier Communications Corporation by 14.9% in the 2nd quarter. State Street Corp now owns 49,574,081 shares of the utilities provider’s stock valued at $57,507,000 after buying an additional 6,445,036 shares during the last quarter. First Trust Advisors LP boosted its position in Frontier Communications Corporation by 101.4% in the 2nd quarter. First Trust Advisors LP now owns 42,741,996 shares of the utilities provider’s stock valued at $49,581,000 after buying an additional 21,522,621 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its position in Frontier Communications Corporation by 7.4% in the 2nd quarter. Bank of New York Mellon Corp now owns 25,636,186 shares of the utilities provider’s stock valued at $29,738,000 after buying an additional 1,757,905 shares during the last quarter.

About Frontier Communications Corporation

Frontier Communications Corporation (Frontier) is a provider of communications services in the United States. The Company offers a portfolio of communications services for residential and business customers. Its products and services include data and Internet services, video services, voice services, access services and customer premise equipment (CPE).

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