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AG Edwards Downgrades Qwest


AG Edwards downgrades Qwest Communications (Q) to sell from hold.

Analyst Anthony Ferrugia says he is downgrading Qwest on price appreciation sparked by the prospective merger with MCI.

He notes it's difficult to precisely quantify what a deal may look like since valuations currently being driven by leaks and rumors.

But he adds, given Qwest's equity market cap of $6 billion with Qwest stock trading in the $3.30 range before November 2004, MCIP's equity market cap of $5.5 billion with MCI stock in the $17 trading range over same time period, he believes that even with generous synergy assumption, an all-stock deal by Qwest to buy MCI is more than priced into Qwest shares.


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