UPDATE: Citi Lowers PT from $8 to $7.50 on Frontier Communications Corporation

Citi has published a report on Frontier Communications Corp FTR hinting at a risk of change in guidance numbers, and lowering the price target. In the report, Citi wrote, "We retain our Hold-rating on Frontier, and believe share price appreciation will depend on the company showing further progress on slowing the rate of revenue erosion (that peaked at -7.8% yoy in 2Q) and improving the level of net synergy realization beyond our expectations." Citi rated Frontier Communications a Speculative HOLD with a price target lowered from $8.00 to $7.50. Frontier Communcations Corporation closed Wednesday at $7.19.