Lumen shares could be close to finding a bottom, says JPMorgan

After "dramatic" selling pressure on the shares post the dividend cut, low guidance, and S&P 500 Index removal, Lumen shares could be close to finding a bottom with years before substantial maturities, JPMorgan analyst Philip Cusick the analyst tells investors in a research note after meeting with management. The firm keeps an Underweight rating on Lumen but is "more constructive than we have been in years." It still expects continued pressure on fundamentals this year due to multiple years of under investing in the asset base and rising competition from fiber overbuilders.