Level 3 (LVLT), the big communications company, had a tough quarter. It debt is still high. And, investors are getting angry.

LVLT share trade at $3.37, down from a 52-week high of $6.80. The company has over $6.8 billion in debt.

Today, Citigroup initiated coverage on Level 3 with a "hold" rating. But, a lot of securities analysts still think the shares will move up.

Based on a Thomson/First Call survey of 13 researchers who cover the stock, the mean price target for the company’s shares is $4.58, 36% above where it trades today.

The mean recommendation for the shares is a 2.5. One the Thomson scale a 1 is a strong buy and a 5 is a strong sell. On that basis Level 3 is doing fairly well.

But, the shares are still down 40% this year.

Douglas A. McIntyre