Citi upgraded Frontier Communications to Buy from Neutral with a price target of $30, up from $28. Fiber access is likely to be the net winner for subscriber gains in the broadband market through 2030, the analyst tells investors in a research note. The firm says Frontier is scaling fiber growth, which should support overall company revenue growth by the second half of 2024 and in future years. CIti believes investor interest and Frontier’s valuation multiple are poised to expand once Frontier starts to deliver consistent sales revenue growth, supporting even better EBITDA growth in the mid-single digits over the next few years.
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Read More on FYBR:
- Frontier Communications initiated with a Buy at BofA
- Frontier Communications receives $24.7M in grant funding by Connect Illinois
- Frontier Communications participates in a conference call with JPMorgan
- Frontier Communications price target raised to $41 from $39 at TD Cowen
- Frontier Communications sees FY24 adjusted EBITDA $2.2B-$2.25B
