Getting your player ready...
BROOMFIELD – Shares of Level 3 Communications surged 7.5 percent to a 52-week high Thursday after Credit Suisse began coverage of the Internet connection provider with an “Outperform” rating.
Analyst Christopher Larsen said in a note to investors that the company will continue to see strong growth driven by higher data usage as demand for bandwidth increases with the popularity of video on the Web.
Broomfield-based Level 3’s stock closed Thursday at $6.48, up 45 cents.
Separately, Level 3 said Southeastern Asset Management and Legg Mason Opportunity Trust would exchange $490 million of Level 3 convertible notes for about 160.1 million shares of the company. The move will reduce Level 3’s 2007 cash interest expense by about $47 million.
