Why Lumen Stock Fell Today After First Posting Big Gains
Lumen (NYSE: LUMN) stock ended Friday's trading in the red despite posting big gains early in the session. The telecommunications company's share price ended the day down 0.5%, even though it had been up as much as 7.9%.Lumen got a big valuation boost early in today's trading thanks to an analyst's ratings upgrade, but it couldn't hold on to the gains. The stock moved lower as the day progressed and investors weighed macroeconomic indicators signaling emerging risk factors.Before the market opened this morning, Wells Fargo published new coverage of Lumen. Eric Luebchow, the firm's lead analyst on the company, raised his rating from underweight to equal weight and maintained a one-year price target of $5 per share.Continue reading
Lumen (NYSE: LUMN) stock ended Friday's trading in the red despite posting big gains early in the session. The telecommunications company's share price ended the day down 0.5%, even though it had been up as much as 7.9%.
Lumen got a big valuation boost early in today's trading thanks to an analyst's ratings upgrade, but it couldn't hold on to the gains. The stock moved lower as the day progressed and investors weighed macroeconomic indicators signaling emerging risk factors.
Before the market opened this morning, Wells Fargo published new coverage of Lumen. Eric Luebchow, the firm's lead analyst on the company, raised his rating from underweight to equal weight and maintained a one-year price target of $5 per share.
