Citi Maintains Hold But Raises Price Target On TW Telecom (TWTC)

Citi it out with a report, where it maintains its “hold” rating on shares of TW Telecom (TWTC); it has also raised its price target to $21.00 from $18.00. TWTC reported solid 2Q results, with total revenue performance exceeding Citi estimates. TW Telecom also reported an EPS of $0.09, which was in line with consensus estimates, but beat out analysts forecast by 2 cents. Citi mentions, “TWTC continued to invest in new products and strategic growth initiatives. Management revised its guidance for FY10 capex guidance higher to a range of $300-$325 mil. vs. our upwardly revised est. of ~$306 mil., while we forecast FY11 FCF at ~$207 mil.” Shares of TWTC began the day trading at $19.50.