Lumen Technologies (LUMN) is showing progress in its transformation, supported by cost reductions, balance sheet improvements, private connectivity fabric deals, and the sale of its consumer fiber business, BofA Securities said Thursday in a note.
BofA citied "greater visibility" on the company's cost cutting target of $1 billion by the end of 2027, while remaining "cautious" on revenue growth initiatives and timelines.
BofA raised its price target on Lumen to $7 from $2, while reiterating its underperform rating.
Price: 8.07, Change: +0.15, Percent Change: +1.83
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