Shares of broadband and other cable services provider WideOpenWest, Inc. (NYSE: WOW) jumped 12.4% on Thursday following a report by Bloomberg, which stated that the company was “exploring options” including a sale.
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Citing people familiar with the matter, Bloomberg said that WideOpenWest had roped in an advisor to reach out to interested parties.
The stock gained another 3.7% in the extended trading session to end the day at $20.74.
Colorado-based WideOpenWest offers Internet, cable TV, and voice-over IP-based services to residential and business customers. Its products include high-speed data, video, and telephony. The company has around 532,900 voice, video and data subscribers, and has operations in 14 markets in the U.S., including Michigan, Alabama, Tennessee, South Carolina, Florida and Georgia.
Price Target
Overall, the stock has a Moderate Buy consensus rating based on one Buy and one Hold. WOW’s average price target of $21.50 implies 7.5% upside potential. Shares have gained 48.6% over the past year.
Investors’ Stance
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on WideOpenWest, as 41.9% of investors on TipRanks increased their exposure to the stock over the past 30 days.
Conclusion
If this news turns out to be true, it could mean a major boost for WideOpenWest, which reported disappointing results for the fourth quarter of last year.
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