JPMorgan upgraded CenturyLink to overweight, citing as catalysts a 9 percent dividend yield and the proposed merger with Level 3.
Warne says the reason is "the expectation that interest rates will go up and that deals will get more expensive in the future."
The last 30 days have seen more than a fifth of year-to-date deal value for announced U.S. M&A, according to S&P Global Market Intelligence.
Telecommunications company CenturyLink said it would buy Level 3 Communications in a cash-and-stock deal with an equity value of about $24 billion to expand its fiber optic network and high-speed data services for business clients.
CenturyLink said on Monday it would buy Level 3 Communications in a cash-and-stock deal valued at about $24 billion, including debt.
This deal would bolster the telecom company's network and its high-speed data services.
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Low rates and better growth prospects are spurring U.S. corporate deals, making the value of such announcements this October the second-largest ever.
Shares of CenturyLink jumped Thursday after a report that it is in advanced talks to merge with Level 3 Communications.
CenturyLink is in advanced talks to merge with Level 3 Communications, CNBC's Seema Mody reports.
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