BWS Financial upgraded Shenandoah to Buy from Neutral with a $26 price target. The company announced the sale of its tower assets for a price that would equivalently pay for the purchase of Horizon Telecom, effectively creating an asset trade “that creates considerably more value,” the analyst tells investors in a research note. The firm says the growth Shenandoah is purchasing without the need of cash financing should have a positive impact on the stock’s valuation.
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