"Telcos Can't Afford to Stand Still"

Q: Long-term outlook for Level 3 Communications (LVLT )?A: We believe that LVLT faces challenges regarding its liquidity as the company's coverage ratio of EBITDA-to-interest will remain well below [that of] peers. With our projection of declining revenues in the company's managed modem transport operations and delayed gains from Internet telephony services, we have a $2 target price. This is roughly equal to LVLT's cash per share.

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