MoffettNathanson downgraded Frontier Communications (FYBR) to Neutral from Buy after Verizon (VZ) announced that it had agreed to acquire Frontier for $38.50 in cash per share. Verizon’s planned synergies and the breakup fees would seem to make a follow-on bid from T-Mobile (TMUS) “even less likely” than the firm previously outlined, the analyst tells investors.
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