Lumen price target raised to $8 from $4.25 at RBC Capital

RBC Capital raised the firm’s price target on Lumen (LUMN) to $8 from $4.25 and keeps a Sector Perform rating on the shares. The company’s Q3 results were ahead of estimates on revenue, EBITDA, and free cash flow on timing from PCF deals, the analyst tells investors in a research note. The management has also reiterated its 2025 outlook, maintaining guidance for adjusted EBITDA, capex, free cash flow, and expense reductions amid ongoing modernization efforts and stabilization initiatives, the firm added.