2024-05-04 09:05:02 ET
Summary
- Uniti Group's stock plunged 26.4% after announcing lower-than-expected Q1 revenue and a merger with Windstream.
- The merger clears up uncertainty regarding master leases between the two companies and expands Uniti Group's fiber network.
- The combined company has potential for significant upside, with a fair value estimate of $10.81 per share, representing a 143.8% increase.
May 3rd was a brutal, bloody day for shareholders of Uniti Group (UNIT). Shares of the business plunged, closing down 26.4%, after two different developments occurred. First, the company announced financial results covering the first quarter of the 2024 fiscal year. Revenue fell short of expectations and management trimmed guidance for the 2024 fiscal year in its entirety. While this surely impacted the stock to some extent, it likely pales in comparison to the other development, which was the announcement that it would be merging with the privately held Windstream in a cash and stock deal....
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Uniti Group: One Day Of Carnage Results In A Fantastic Opportunity