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Lumen Stock on Track for Lowest Close Since 1991 as Analyst Cites Risks to Dividend

Lumen Stock on Track for Lowest Close Since 1991 as Analyst Cites Risks to Dividend

Lumen Technologies shares tumbled Wednesday after an analyst at Wells Fargo cited concerns over risks to the telecommunication company’s dividend. Wells Fargo analyst Eric Luebchow downgraded shares of Lumen (ticker: LUMN) to Equal Weight from Overweight and cut his12-month price target to $8 from $12.50. Shares of Lumen fell 10% Wednesday to $7.22 and were on track for their lowest close since September 1991.