UBS downgraded Frontier Communications (FYBR) to Neutral from Buy with a price target of $38.50, up from $33, fa0ter the company agreed to be acquired by Verizon (VZ) for $38.50 in cash per share. The deal includes a $590M break fee to Frontier in the event of regulatory failure and $320M to Verizon if Frontier terminates in favor of a superior offer, the analyst tells investors in a research note.
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