Lumen Technologies AI partnership with Meta shouldn’t move stock: Raymond James
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- The announcement from Lumen Technologies (NYSE:LUMN) this morning that it is partnering with Meta Platforms (NASDAQ:META) to expand the latter’s network capacity should not move Lumen’s stock, Raymond James said.
- “We do not believe this announcement warrants any near-term moves in the shares as it is likely already reflected in the outlook,” analyst Frank Louthan wrote in a note to clients. Louthan, who has a Market Perform rating on Lumen, added it is “unclear” at this time if there is anything incremental from what was previously known.
- “We believe this is a delayed announcement from Meta for their participation in the previously announced $5B conduit network deal back in August,” Louthan added.
- Lumen shares rose 5.5% in early morning trading on Monday.