JPMorgan Upgrade Causes Tw Telecom Shares to Jump
Tw telecom Inc shares have hit a yearly high propelled by a JPMorgan upgrade on expectations for a recovery in the business telecommunications market reports an article over on google.com.
Mike McCormack a JPMorgan analyst in a note to investors raised the company to “overweight” from “neutral” and called it “the best opportunity for investment in the telecommunications sector,” and went on to say a meeting with top execs added evidence that the wireless business is beginning to level off and could recover in the final months of the year.
Pricing is still competitive McCormack said along with general pricing remains rational. Tw telecom wa originally known as Time Warner Telecom and reported a Q3 profit of $7.7 million reversing a previous year loss.
Revenue climbed five percent to $304.8 million and in afternoon trading on Tuesday their shares were up 8.2 percent or $1.14 to $14.97 after hitting a high of $15.24.