- Raymond James analyst Frank Louthan upgraded Shenandoah Telecommunications Co (NASDAQ:SHEN) (Shentel) to Outperform from Market Perform with a $29 price target. The price target implies a 10% upside.
- Louthan assumed coverage of the stock following the successful sale of its wireless business and the transition to becoming a pure-play wireline network and tower infrastructure provider.
- He sees a significant growth opportunity to expand its fiber-based broadband footprint as well as “a solid growth plan.”
- Shenandoah, with its subsidiaries, provides various broadband communication products and services via its wireless, cable, fiber optic, and fixed wireless networks to customers in the mid-Atlantic U.S.
- Price Action: SHEN shares traded higher by 3.94% at $26.36 on the last check Tuesday.
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