JPMorgan Chase & Co. Has Lowered Expectations for Lumen Technologies (NYSE:LUMN) Stock Price

Lumen Technologies (NYSE:LUMN) had its price objective cut by stock analysts at JPMorgan Chase & Co. from $7.00 to $6.00 in a research note issued to investors on Thursday, Benzinga reports. The firm presently has a “neutral” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price indicates a potential upside of 50.38% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. Citigroup decreased their target price on shares of Lumen Technologies from $10.00 to $8.25 and set a “neutral” rating on the stock in a research note on Tuesday, August 11th. Moffett Nathanson raised shares of Lumen Technologies from a “sell” rating to a “neutral” rating and set a $4.00 price target for the company in a research report on Friday, October 30th. Weiss Ratings reissued a “sell (d-)” rating on shares of Lumen Technologies in a report on Friday, July 17th. Wall Street Zen upgraded shares of Lumen Technologies from a “sell” rating to a “hold” rating in a research report on Sunday, August 9th. Finally, The Goldman Sachs Group lowered their price objective on shares of Lumen Technologies from $7.25 to $5.00 and set a “neutral” rating for the company in a research note on Thursday. Ten investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $6.19.

Lumen Technologies Stock Performance

LUMN stock traded up $0.01 during trading on Thursday, hitting $3.99. 18,133,250 shares of the company traded hands, compared to its average volume of 13,753,093. The company has a 50-day moving average of $5.58 and a 200-day moving average of $7.15. Lumen Technologies has a 1 year low of $3.84 and a 1 year high of $11.39. The firm has a market capitalization of $4.11 billion, a PE ratio of -3.91 and a beta of 1.94.

Lumen Technologies (NYSE:LUMN) last announced its quarterly earnings results on Wednesday, November 4th. The technology company reported ($0.14) EPS for the quarter, topping analysts’ consensus estimates of ($0.23) by $0.09. The company had revenue of $2.71 billion during the quarter, compared to analysts’ expectations of $2.73 billion. Sell-side analysts expect that Lumen Technologies will post -0.54 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Versant Capital Management Inc lifted its position in shares of Lumen Technologies by 90.3% in the 2nd quarter. Versant Capital Management Inc now owns 3,920 shares of the technology company’s stock worth $30,000 after purchasing an additional 1,860 shares during the period. Ascentis Independent Advisors bought a new position in Lumen Technologies in the first quarter worth about $27,000. Trust Asset Management LLC bought a new position in Lumen Technologies in the second quarter worth about $34,000. Triumph Capital Management lifted its holdings in Lumen Technologies by 2,110.2% in the second quarter. Triumph Capital Management now owns 5,614 shares of the technology company’s stock worth $43,000 after buying an additional 5,360 shares during the period. Finally, Global Retirement Partners LLC purchased a new stake in Lumen Technologies in the second quarter worth about $45,000. 66.19% of the stock is currently owned by institutional investors.

More Lumen Technologies News

Here are the key news stories impacting Lumen Technologies this week:

• Positive Sentiment: Strategic revenue rose about 10% and reached 55% of total revenue, reflecting demand tied to AI and Lumen’s Network-as-a-Service business. Management also reaffirmed full-year adjusted EBITDA guidance. Earnings call highlights
• Positive Sentiment: Q3 adjusted loss of $0.14 per share was smaller than analysts expected, providing a bottom-line beat despite softer sales. Why Lumen sank
• Neutral Sentiment: Citigroup lowered its price target to $5.50 from $8.25 and JPMorgan cut its target to $6 from $7; both maintained neutral ratings. Their targets remain above LUMN’s recent $3.99 price, but the reductions signal more cautious expectations. Citigroup ratings JPMorgan ratings
• Negative Sentiment: Revenue fell and came in below consensus, while free cash flow turned negative. These trends highlight ongoing pressure in Lumen’s legacy business and help explain the stock’s weakness following results.
• Negative Sentiment: Other firms also reduced targets: Goldman Sachs and Wells Fargo to $5, TD Cowen to $8, and all retained neutral, equal-weight or hold ratings. The broad repricing may reinforce investor caution even though the revised targets imply upside from the recent share price.

Lumen Technologies Company Profile

Lumen Technologies, Inc is a communications and technology company that provides network, connectivity, cloud, cybersecurity and managed services primarily to businesses, government organizations and wholesale customers. Its offerings include fiber-based internet and data transport, software-defined networking, network security, unified communications, voice services, edge computing and related information technology solutions.

The company operates one of the largest enterprise fiber networks in the United States and also serves customers internationally through its global network and wholesale operations.