Lumen upgraded to Outperform from Market Perform at Raymond James

Raymond James upgraded Lumen (LUMN) to Outperform from Market Perform with a $4.50 price target The firm believes there are “several items” in the next 6-9 months that could materially impact Lumen’s equity value. The company is in the process of selling its fiber-to-the-home assets and customers, which is the main catalyst for the stock, the analyst tells investors in a research note. Raymond James believes the the after-tax proceeds could improve Lumen’s leverage by up to one turn. “With that, a series of financial events and refinancing could unfold that we believe would drive equity value,” the firm contends.