Updates stock activity, recasts

** Shares of telecom firm Lumen Technologies LUMN.N reverse early losses and last up 20% at $9.13 on Weds after raising cash flow forecast

** LUMN rising for fourth straight session, trades as high as $9.20, highest level since Sept 2022

** Stock's strength comes as Wall Street rallies to record highs after Trump wins second term in the White House .N S&P 500 Communication Services sector .SPLRCL, which includes telecom giants, rising 2% on Weds

** Co late Tues raised annual free cash flow $(FCF)$ forecast to $1.2-$1.4 bln, up from $1-$1.2 bln, on continued AI deals with big cloud firms, even as weakness in its legacy business dragged on results

** Rev fell 12% y/y to $3.22 bln in Q3, in line with Street, while adj loss of 13 cents/sh exceeded expected loss by 4 cents, per LSEG data

** TD Cowen, which rates LUMN 'hold', trimmed its PT by $1 to $6

** New private connectivity fabric wins remain encouraging to bolster co's funding gap and balance sheet, "but the permanent EBITDA inflection beyond 2026 remains elusive as legacy pressures continue," TD Cowen wrote in note

** Of 13 brokerages covering LUMN, recommendation breakdown is 1 "buy", 8 "hold" and 4 "sell"; median PT of $5 up from $1.75 on Aug 6 - LSEG

** About 40 mln shares have exchanged hands so far on Weds vs stock's 10-DMA volume of 16 mln

** Stock, which has been on a tear since the summer, ended Jun at $1.10

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com lance.tupper@tr.com 1-646-279-6380))