- "At $50+, we feel that the Street is getting too complacent about potential integration risks and about sustained long-term revenue momentum," says Macquarie's Kevin Smithen, downgrading Level 3 (LVLT -2.7%) to Neutral.
- Smithen: "We like the company, but we believe the stock should trade at no more than 16x our '17 FCF est. at the end of FY16. That equates to 11.9% potential upside over two years."
- Smithen only upgraded Level 3 on Aug. 27. Shares had risen 16% since.