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LVLT $53.63

LVLT target price
53.63
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Level 3 Communications, Inc.
Traded as NYSE: LVLT
Industry Telecom
Fate Acquired by CenturyLink
Founded 1985
Headquarters Broomfield, Colorado, United States
Key people
James O. Ellis Jr. (Chairman)
Jeff Storey (CEO)
Sunit Patel (CFO)
Products Mobile telephony, Internet services, Content delivery
Revenue IncreaseUS$ 8.3 billion (2015)
Operating income
IncreaseUS$ 1.3 billion (2015)
Net income
IncreaseUS$3.4 billion (2015)
Total assets IncreaseUS$24.1 billion (2015)
Total equity IncreaseUS$10.1 billion (2015)
Number of employees
13,500
Parent CenturyLink
Website www.level3.com

Level 3 Communications is an American multinational telecommunications and Internet service provider company headquartered in Broomfield, Colorado.

It operates a Tier 1 network. The company provides core transport, IP, voice, video, and content delivery for medium-to-large Internet carriers in North America, Latin America, Europe, and selected cities in Asia. Level 3 is also the largest competitive local exchange carrier (CLEC) and the 3rd largest provider of fiber-optic internet access (based on coverage) in the United States.

On October 31, 2016, CenturyLink announced an agreement to acquire Level 3 Communications in a cash and stock transaction. Level 3 (as of November 1, 2017) is part of CenturyLink.

In 1985, Peter Kiewit Sons' Inc created a subsidiary named Kiewit Diversified Group to manage the corporation's business that was not related to construction. The division was spun off as a separate entity and changed its name to Level 3 Communications in 1998 to signify an increased focus on communication services. That same year saw it make an IPO on NASDAQ. According to Level3's own history, it continued to build its telecommunications network after going public.

According to Level3's own history, in 2003, the company acquired Genuity, and, between 2005 and 2007, it purchased several other companies including former rivals WilTel Communications, Broadwing Corporation, Looking Glass Networks, Progress Telecom, and Telcove (formerly Adelphia Business Solutions). In 2004, Level 3 acquired ICG Communications' wholesale dial-up business for $35 million. Then, in 2006, Level 3 purchased the rest of ICG Communications for $163 million, taking over ICG's fiber network and nationwide Points of Presence (PoPs). It then integrated these companies through 2010.

On April 11, 2011, Level 3 announced a tender offer had been made to acquire fellow Tier 1 provider Global Crossing in an all-stock transaction, which was approved by shareholders On August 5. and completed on October 4, 2011. On October 20, 2011, Level 3 Communications reduced its total shares and transferred its stock listing from NASDAQ to the larger New York Stock Exchange.

On May 14, 2012, Level 3 was contracted by European content provider Voxility to provide 250 Gbit/s or more to Voxility's three main data centers in North America and Europe. On May 7, 2012, Level 3 was contracted by the U.S. Department of Defense's Defense Information Systems Agency to provide fiber-cable operations and maintenance, and IP-based infrastructure under a ten-year, indefinite contract with a maximum value of approximately $411 million.

On June 16, 2014, Level 3 acquired TW Telecom, a business Internet connection provider, for about $5.7 billion.

In July 2015, Level 3 acquired Black Lotus, a provider of protection against distributed denial of service (DDoS).

On October 31, 2016, CenturyLink announced its intent to acquire Level 3 in a deal valued at around $34 billion.

On October 3, 2017, the deal was approved by the United States Department of Justice on condition of selling some of Level 3's telecom holdings in 3 states The deal officially closed and Level 3 became part of CenturyLink on November 1, 2017.

On November 1, 2017, Level 3 Communications officially merged with CenturyLink.

Level 3 Communications operates a large network Internet. This includes 46 states in the continental United States, South America, Western Europe, and some cities in Asia. It uses transatlantic cables, including "Yellow" /AC-2 (on which it owned two of the four fiber pairs after Viatels 2001 bankruptcy). Level 3 Communications has also purchased 300 Gbit/s of capacity on the Apollo (cable system).

It is the current owner of AS1 (following the acquisition of Genuity, from BBN Technologies ), but it uses AS3356 for operations. AS3356 as of 2007 consistently had one of the highest ranked connectivity degrees on the Internet. It also operates the former Global Crossing network (AS3549) following the company acquisition in 2011.

Level 3 Communications delivers Netflix and Apple music and video content over the Internet. The company runs a content delivery network which it acquired from Savvis in 2006.

In 2006, Level 3 Communications announced with Internet2, an academic network, that they would deploy a next generation nationwide research network.

Level 3 distributes and sells its services through a mix of six independent sales channels: large enterprise, wholesale, federal, content and media, midmarket, and indirect. All six sales channels report to the president of sales Andrew Crouch. The top performing Level 3 indirect sales agencies in 2010 include Intelisys, Microcorp, CDW/AVANT Communications, PlanetOne, Advantage Communications Group, Telarus, and Presidio.

On November 11, 2010 a dispute arose between Level 3 and Comcast, when Level 3 announced that they were "selected to serve as a primary content delivery network (CDN) provider for Netflix, Inc. to support the company's streaming functionality." Apparently, as a result of this distribution agreement, Comcast sought to renegotiate the peering agreement with Level 3 and sought a recurring fee for carrying the increased Level 3 internet traffic to and from Comcast broadband customers. Claims and counter-claims were made as the two companies sought to renegotiate the contract. In December 2010, the New America Foundation submitted information concerning the dispute to the FCC.

On July 16, 2013, Level 3 Communications and Comcast seemingly ended their three-year dispute by issuing a statement that "Level 3 and Comcast have resolved their prior interconnect dispute on mutually satisfactory terms. Details will not be released." On May 21, 2015, Level 3 and Comcast announced a new multi-year bilateral agreement to "enhance their existing network capacity while extending their mutual interconnection agreements, ensuring that both maintain ample capacity to exchange Internet traffic between their networks."

In July 2013, the NSA was accused of wiretapping large parts of data on the German Internet Exchange Point DE-CIX which was denied by Level 3, and a few months later, was accused of tapping connections between Google and Yahoo data centers.

Q reports

Period Date Adjusted Actuals EPS GAAP EPS

Ratings

2016-07-06 Reiterated Rating Goldman Sachs Group Inc. Buy
2016-07-06 Reiterated Rating DA Davidson Buy $68.00
2016-06-29 Reiterated Rating Morgan Stanley Overweight
2016-06-04 Reiterated Rating Wells Fargo Buy
2016-06-04 Reiterated Rating Wells Fargo & Co. Buy
2016-04-30 Reiterated Rating Jefferies Group Buy
2016-04-30 Reiterated Rating Morgan Stanley Buy
2016-04-29 Reiterated Rating FBR & Co. Hold
2016-04-29 Downgrade Bank of America Buy to Neutral $54.20 to $60.00
2016-04-29 Reiterated Rating FBR & Co Hold
2016-04-29 Downgrade Bank of America Corp. Buy to Neutral $54.20 to $60.00
2016-04-19 Initiated Coverage William Blair Outperform
2016-02-11 Upgrade Morgan Stanley Equal Weight to Overweight $45.65 to $60.00
2016-02-05 Reiterated Rating FBR & Co. Hold $55.00
2016-02-05 Upgrade Stephens Equal Weight to Overweight $52.00 to $63.00
2016-02-04 Reiterated Rating Cowen and Company Buy
2016-02-04 Reiterated Rating Citigroup Inc. Buy
2016-02-04 Reiterated Rating Wells Fargo Buy
2016-01-19 Reiterated Rating Jefferies Group Buy $67.00
2016-01-13 Boost Price Target Goldman Sachs $65.00
2016-01-13 Boost Price Target Goldman Sachs Group Inc. $65.00
2016-01-05 Downgrade Hanson Buy to Neutral
2016-01-05 Downgrade Moffett Nathanson Buy to Neutral
2015-11-17 Boost Price Target Moffett Nathanson $54.00 to $56.00
2015-11-05 Reiterated Rating Macquarie Buy $53.00 to $54.00
2015-10-29 Reiterated Rating FBR & Co. Hold $55.00 to $56.00
2015-10-29 Reiterated Rating Canaccord Genuity Buy $62.00
2015-10-13 Reiterated Rating Drexel Hamilton Hold
2015-10-13 Upgrade Goldman Sachs Buy to Conviction-Buy $64.00 to $60.00
2015-09-22 Initiated Coverage RBC Capital Outperform $62.00
2015-09-22 Initiated Coverage Royal Bank Of Canada Outperform $62.00
2015-09-03 Upgrade Macquarie Neutral to Outperform $52.00 to $53.00
2015-09-02 Reiterated Rating Citigroup Inc. Buy $66.00
2015-08-05 Reiterated Rating Macquarie Hold
2015-08-04 Lower Price Target Macquarie Neutral $52.00 to $50.00
2015-07-30 Lower Price Target Canaccord Genuity Buy $65.00 to $62.00
2015-07-30 Reiterated Rating Cowen and Company Buy $65.00
2015-07-07 Reiterated Rating Canaccord Genuity Buy $65.00
2015-05-28 Initiated Coverage Goldman Sachs Buy $67.00
2015-05-07 Reiterated Rating JPMorgan Chase & Co. Overweight $60.00 to $65.00
2015-04-30 Boost Price Target Jefferies Group Buy $60.00 to $68.00
2015-04-30 Boost Price Target Canaccord Genuity Buy $63.00 to $65.00
2015-02-04 Reiterated Rating Canaccord Genuity Buy $55.00 to $63.00
2015-01-21 Upgrade Wells Fargo & Co. Market Perform to Outperform
2015-01-21 Upgrade Wells Fargo Market Perform to Outperform
2014-11-25 Downgrade Macquarie Outperform to Neutral
2014-11-06 Reiterated Rating Jefferies Group Buy $55.00 to $56.00
2014-11-04 Upgrade Citigroup Inc. Neutral to Buy $44.00 to $55.00
2014-10-14 Upgrade Gabelli & Co Hold to Buy
2014-10-14 Upgrade Gabelli Hold to Buy
2014-09-29 Initiated Coverage Moffett Nathanson Buy $57.00
2014-09-18 Initiated Coverage JPMorgan Chase & Co. Overweight $55.00
2014-09-17 Upgrade DA Davidson Neutral to Buy $50.00 to $54.00
2014-08-27 Upgrade Macquarie Neutral to Outperform $49.00 to $51.00
2014-07-30 Reiterated Rating Jefferies Group Buy $50.00 to $55.00
2014-07-30 Downgrade DA Davidson Buy to Neutral $50.00
2014-07-30 Boost Price Target Canaccord Genuity $50.00 to $55.00
2014-06-05 Reiterated Rating DA Davidson Buy
2014-05-12 Boost Price Target Macquarie $44.00 to $49.00
2014-05-01 Reiterated Rating Citigroup Inc. Hold $44.00
2014-05-01 Boost Price Target Canaccord Genuity Buy $41.00 to $50.00
2014-04-03 Downgrade Gabelli & Co Buy to Hold
2014-04-03 Downgrade Gabelli Buy to Hold
2014-04-02 Boost Price Target Macquarie $35.00 to $44.00
2014-04-02 Boost Price Target Cowen and Company $39.00 to $43.00
2014-03-17 Boost Price Target DA Davidson Buy $40.00 to $45.00
2014-02-06 Upgrade DA Davidson Neutral to Buy $34.00 to $40.00
2014-02-06 Upgrade Canaccord Genuity Hold to Buy $30.00 to $41.00
2014-02-06 Boost Price Target Jefferies Group $36.00 to $40.00
2013-12-19 Initiated Coverage Drexel Hamilton Hold
2013-12-19 Initiated Coverage Jefferies Group Hold to Buy $36.00
2013-11-18 Reiterated Rating Deutsche Bank Buy $40.00
2013-11-01 Boost Price Target Cowen and Company $30.00 to $39.00
2013-10-31 Reiterated Rating Deutsche Bank Buy $30.00 to $40.00
2013-10-31 Boost Price Target DA Davidson Neutral $25.50 to $30.00
2013-10-17 Boost Price Target Jefferies Group Hold $24.00 to $28.00
2013-10-14 Reiterated Rating Deutsche Bank Buy $26.00 to $30.00
2013-09-24 Boost Price Target Macquarie Neutral $24.00 to $28.00
2013-09-20 Downgrade Morgan Stanley Overweight to Equal Weight $28.00
2011-10-04 Upgrade DA Davidson Neutral to Buy $1.70
2011-03-23 Initiated Dawson James Buy $3
2010-03-23 Initiated DA Davidson Neutral
2010-03-11 Upgrade JP Morgan Underweight to Neutral
2009-05-29 Downgrade UBS Neutral to Sell
2009-02-12 Upgrade Janco Partners Accumulate to Buy
2016-07-06 Reiterated Rating Goldman Sachs Group Inc. Buy
2016-07-06 Reiterated Rating DA Davidson Buy $68.00
2016-06-29 Reiterated Rating Morgan Stanley Overweight
2016-06-04 Reiterated Rating Wells Fargo Buy
2016-06-04 Reiterated Rating Wells Fargo & Co. Buy

There is presents forecasts of rating agencies and recommendations for investors about this ticker

Major Shareholders

Name Relationship Total Shares Holding stocks
STOREY JEFFREY K President and COO 0.34%  (799836) CTL / LVLT /
PATEL SUNIT S Executive VP and CFO 0.23%  (545330) CTL / LVLT /
STORTZ THOMAS C Executive Vice President & CAO 0.11%  (263258) LVLT /
MILLER CHARLES C III 0.09%  (214442) LVLT /
Crouch Andrew Regional President, North Amer 0.08%  (192419) LVLT / ZAYO /
SCOTT WALTER JR 0.07%  (162112) LVLT / VMI /
JAROS RICHARD R 0.06%  (134883) LVLT /
Waters John F Jr. Chief Technology Officer 0.03%  (79933) LVLT / ZAYO /
CLONTZ STEVEN T 0.03%  (66356) CTL / EQIX / IDCC / LVLT /
Heard James Barton Regional President, EMEA 0.03%  (60358) LVLT /
YATES ALBERT C 0.02%  (56703) GBNK / LVLT /
BLOUNT JOHN Regional President, NA 0.02%  (38292) LVLT / TWTC /
CLEMINS ARCHIE 0.01%  (32842) LVLT /
GLENN T MICHAEL 0.01%  (27220) CTL / FDX / LVLT / PNR /
Chilton Kevin P. 0.01%  (24856) APC / ATK / CTL / LVLT / ORB /