TD Cowen downgraded Frontier Communications (FYBR) to Hold from Buy with a price target of $38.50, down from $39, after Frontier will be acquired by Verizon (VZ) for $38.50 per share. Following the T-Mobile (TMUS) capital markets day, the analyst sees a lower probability of a topping bid for Frontier. Private investors are more likely to roll up smaller regional fiber-to-the-homes players, to then eventually sell to “Big 3” carriers, the analyst tells investors in a research note. As such, TD expects the deal to close as announced.
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