December 19, 2007
FairPoint shares rise on analyst call
FairPoint Communication's shares rose 8.2% yesterday after a JPMorgan analyst said that regulatory approval of the company's planned purchase of Verizon's northern New England landlines is likely.
Though the $2.7 billion acquisition must still be approved by the Federal Communications Commission and regulators in Maine, New Hampshire and Vermont, JPMorgan analyst Jonathan Chaplin said in a client note that a decision is expected before Christmas and approval is "more likely than not," according to the Associated Press. He then upgraded FairPoint's credit rating from "underweight" to "neutral."
FairPoint's shares, which had dropped 26% in the last 52 weeks, rose $1.16 yesterday to $15.25.
Though the $2.7 billion acquisition must still be approved by the Federal Communications Commission and regulators in Maine, New Hampshire and Vermont, JPMorgan analyst Jonathan Chaplin said in a client note that a decision is expected before Christmas and approval is "more likely than not," according to the Associated Press. He then upgraded FairPoint's credit rating from "underweight" to "neutral."
FairPoint's shares, which had dropped 26% in the last 52 weeks, rose $1.16 yesterday to $15.25.
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