Citi Reiterates Buy on CenturyLink (CTL)

Citi is out with its report today on CenturyLink CTL, reiterating Buy. In a note to clients, Citi writes, "We have published our initial pro forma forecasts for CenturyLink's pending acquisition of Qwest, which is expected to close on 4/1. We remain a buyer of the pro forma CTL with an unchanged target price of $48 based on: 1) prospects to reduce the rate of revenue erosion over time; 2) potential upside to cash flow from synergy-related savings; & 3) a discounted valuation to its peers." Citi has a $48 PT on CTL. At the time of posting, shares of CTL were trading at $41.65, up 0.24% from Thursday's close.