CenturyLink (NYSE:CTL) is lower for the third straight day, down 1.8%, amid a downgrade to Sell by Edward Jones.
That follows the company's move to delay its 10-K filing as it looks to sort out material weaknesses. Analysts have slashed target prices on the stock over the past few months.
Looking at the delay, SA contributor Michael Boyd writes that while the company doesn't expect a material change to financials, the sell-off is coming as investors begin feeling that the team Jeff Storey brought in from Level 3 doesn't have a "proper handle" on the business.
Issues with fair value measurement of the Level 3 assets are surprising, Boyd says, since the acquisition closed in November 2017 and KPMG remains the hired auditor.
Subscribe for full text news in your inbox