UPDATE: Stifel Nicolaus Raising Price Target On CenturyLink

Stifel Nicolaus is raising its price target on shares of CenturyLink CTL to $46 from $4, and it has a Buy rating on shares. In a note to clients, Stifel Nicolaus writes, "Yesterday's modest weakness in the shares of CenturyLink can largely be attributed to an earlier-than-expected approval and closing of the company's Savvis acquisition, we believe, as SVVS arb players will now get CTL shares slightly earlier than anticipated, with the company now expecting the deal to close this Friday." Shares of CTL closed at $38.78 yesterday.