Morgan Stanley Maintains Underweight Rating for Lumen Technologies: Here's What You Need To Know

Morgan Stanley has decided to maintain its Underweight rating of Lumen Technologies LUMN and lower its price target from $2.50 to $1.80.

Shares of Lumen Technologies are trading down 7.28% over the last 24 hours, at $1.47 per share.

A move to $1.80 would account for a 22.87% increase from the current share price.

About Lumen Technologies

With 450,000 route miles of fiber, including over 35,000 route miles of subsea fiber connecting Europe, Asia, and Latin America, Lumen Technologies is one of the United States' largest telecommunications carriers serving global enterprises. Its merger with Level 3 in 2017 and divestiture of much of its incumbent local exchange carrier, or ILEC, business in 2022 has shifted the company's operations away from its legacy consumer business and toward enterprises (now nearly 80% of revenue). Lumen offers businesses a full menu of communications services, providing colocation and data center services, data transportation, and end-user phone and internet service. On the consumer side, Lumen provides broadband and phone service across 37 states, where it has 4.5 million broadband customers.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.