Lumen downgraded to Sell from Neutral at Citi

Citi analyst Michael Rollins downgraded Lumen to Sell from Neutral with a price target of $3.50, down from $6.25. Q4 results were "generally in-line," but the outlook for 2023 EBITDA was below consensus and Citi’s forecasts as headwinds from inflation, divestiture dis-synergies, and new investments were "well ahead" of the firm’s expectations "without a relief valve from greater cost-reductions." Risks remain that company initiatives take longer or don’t materialize as anticipated, the firm added.