Zacks Investment Research downgraded shares of Telephone &Data Systems Inc. (TDS) from NEUTRAL to UNDERPERFORM on March 13, 2014, with a target price of $21.00.
We downgrade our recommendation on Telephone and Data Systems to Underperform. The company reported disappointing fourth quarter results, with earnings and revenues missing the Zacks Consensus Estimate and deteriorating year over year. Within the wireless segment, higher churn in the post-paid segment, increased equipment cost and investments in network upgrade would continue to affect results. Further, access line losses due to wireless substitution and other alternative services remain detrimental to its near-term growth.
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