UBS Warburg downgrades Baby Bells
UBS Warburg downgraded SBC Communications, BellSouth and Verizon today, sending their stock prices tumbling.
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UBS Warburg analyst John Hodulik cut his price target for SBC to $30 a share from $36. Hodulik similarly slashed $2 off of BellSouth’s $28 price target and downgraded his earnings estimates for the Baby Bell to $2.09 from $2.14 a share. Verizon’s price target saw the biggest cut, dropping from $50 to $34 a share, while Hodulik lowered his earnings forecast fro the carrier 7 cents to $2.98 a share.
All three Bell operators saw their stock prices dip after the announcement, Verizon falling 5.3% to close at $31.80, BellSouth falling 4.5% to close at $25.50, and SBC falling 7.3% to close at $27.68.
Hodulik in his research note said he downgraded his position on all three companies from buy to hold because of the earnings concerns, adding he expects none of them to meet their targets this year.
--Kevin Fitchard, Staff Writer
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© 2012 Penton Media Inc.
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