Collins Stewart: Level 3 Communications' Outlook Remains in Question

In a research report published earlier today by Collins Stewart, Level 3 Communications LVLT FCF generation prospects all too often in disappointment, and the current one is no different. According to Collins Stewart, “With the prospects of actual FCF generation for Level 3 looming for the tenth time in as many years, we remain cautious on the shares and remind investors that all too often have disappointments followed the long standing expectation of FCF generation. Since 2003 we have consistently heard compelling arguments of how FCF generation is only a year away but has yet to materialize. Betting on 2013 with such a track record is highly risky in our opinion.” Collins Stewart maintains its Neutral rating and $25.50 PT on Level 3 Communications, which is currently trading at $24.29.