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Thomas Weisel Ups Broadwing

Thomas Weisel ups Broadwing Corp. (BWNG) to outperform from peer perform.

Analyst Vik Grover says the company elected to pay in cash both interest of $1,567,515 due on notes on May 19 and installment of principal of $32,142,857 due on notes on that date.

He notes his peer perform rating is primarily due to issues surrounding dilution from convert. With management's decision on Tuesday, as well as his belief the company will be able to refinance its debt instrument, he now believes Broadwing shares are undervalued.

Grover is also increasingly optimistic that the company has laid foundation for growth and sees signs of telecom market stabilizing.

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