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Level 3 Communications Inc., the Broomfield-based network operator, plunged 13 percent Friday after Goldman Sachs Group Inc. advised investors to sell the stock, citing a greater-than-estimated sales drop.
Jason Armstrong, an analyst at Goldman Sachs in New York, cut his rating to “sell” from “neutral,” according to a note dated Thursday. Armstrong said the company will face “more headwinds” and may need to increase spending as it targets enterprise customers.
Level 3 posted a 14 percent drop in second-quarter sales Thursday, missing analyst expectations. In Nasdaq trading Friday, Level 3 fell 19 cents to $1.23.
