Lumen price target raised to $8 from $6.50 at Citi

Citi analyst Michael Rollins raised the firm’s price target on Lumen (LUMN) to $8 from $6.50 and keeps a Neutral rating on the shares after having updated the firm’s model incorporating Q3 results that were “generally mixed with respect to the operations.” Optionality to monetize the mass market fiber opportunity has become more important to the national wireless carriers as they increasingly compete with converged mobile-plus-broadband bundles from cable competitors, the analyst tells investors.