- Fresh off gains yesterday from its Q3 earnings, Level 3 Communications (NASDAQ:LVLT) is down 1.7% today as it's announced a private offering of $500M in debt.
- The company will offer that amount in senior notes maturing in 2024 and use net proceeds to redeem $500M in its 8.625% notes due 2020; at the moment, there's $900M in those notes outstanding.
- Today FBR & Co. boosted its price target on the stock to $56 -- 10% upside from the current price of $51.03.
- Canaccord Genuity reiterated its Buy rating and holds a $62 target (21.5% upside).
- Shares rose 9.3% after its profit beat yesterday.
- Previously: Level 3 up 5.3% on Q3 profit beat (Oct. 28 2015)