Raymond James downgraded Frontier Communications (FYBR) to Market Perform from Strong Buy without a price target citing the pending buyout by Verizon (VZ). The firm sees “limited ability to shake down Verizon” for additional consideration in the shareholder vote for the downgrade. It believes the shareholder vote on the pending can get through, “and while slightly higher valuations could be justified, we do not expect them to emerge.”
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