Benzinga | Jul 7, 2021 10:41AM EDT

Raymond James Downgrades Shenandoah To Underperform From Market Perform

* Raymond James analyst Ric Prentiss downgraded Shenandoah Telecommunications Co (NASDAQ:SHEN) to Underperform from Market Perform.

* The downgrade came after the stock price rose 24% over the past two trading days despite no change in the firm's opinion of the company's fundamental value.

* Recently, the company's shares surged when it declared a special dividend of $18.75 per share.

* The stock gained 26% last week.

* Price action: SHEN shares traded lower by 7.20% at $56.73 in the market session on the last check Wednesday.