Fly News Breaks for March 12, 2015
LMOS
Mar 12, 2015 | 08:40 EDT
Cowen noted Lumos' largest shareholder sold 1.6M shares in a bought deal block trade. Cowen said it would use the weakness as a buying opportunity, as they believe the share sale removes an overhang and should allow the company to pursue its strategy to transform itself into a more valuable bandwidth infrastructure provider. Cowen reiterated its Outperform rating and $24 price target on Lumos shares. Lumos shares are down 6.5% to $15.99 in pre-market trading following last night's announcement of the sale of 1.6M shares of its common stock on an underwritten basis by an investment fund affiliated with Quadrangle Capital Partners.
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