Wells Fargo sees a base case takeout value of $35 per share for Zayo (NYSE:ZAYO).
Zayo shares are up 1.1% pre-market.
Update with more info from Wells Fargo's note:
Analyst Jennifer Fritzsche sees a 70% chance of a go-private deal and a 30% chance of Zayo rebounding on its own with operational execution.
The analyst calls the $35 base case "conservative" and the value represents a 27% upside to Friday's close.
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