American telecommunications company Lumen Technologies (LUMN) recently announced the expansion of its fiber network infrastructure in Europe. The move will help strengthen the company’s service capabilities in France, Switzerland and Spain.
Following the news, shares of the company declined marginally to close at $12.61 in the extended trading session.
With this network expansion, the company will be able to deliver faster connections, lower latency and enhanced security to its customers. Further, the expansion is expected to connect multiple enterprise buildings and third-party data centers to Lumen’s network.
The Managing Director of EMEA at Lumen, Annette Murphy, said, “Our new fiber infrastructure investments in Europe demonstrate the continued commitment that Lumen has to this market, and to powering the next wave of growth and innovation for customers in the 4th Industrial Revolution.” (See Lumen stock chart on TipRanks)
Recently, Wells Fargo analyst Eric Luebchow reiterated a Buy rating on the stock with a price target of $15, which implies upside potential of 18.8% from current levels.
The analyst’s rating and price target came after Bloomberg reported that Apollo (APO) was in advanced discussions with the company to acquire over $5B of its assets.
Consensus among analysts is a Moderate Sell based on 1 Buy, 3 Holds and 3 Sells. The average Lumen price target of $11.60 implies downside potential of 8.2% from current levels. Shares of the company have gained 30.2% over the past year.
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