Morgan Stanley analyst Simon Flannery downgraded CenturyLink (CTL) to Equal Weight from Overweight with a price target of $14.80, down from $16. Heightened wireless competition, regulatory concerns and elevated leverage in a space facing secular headwinds present increasing risks for the Telecom Services sector in 2020, Flannery tells investors in a research note. As a result, the analyst downgraded his Telecom Services sector view to Cautious from In-Line. He also downgraded Bell Canada (BCE) to Underweight from Equal Weight along with CenturyLink to Equal Weight from Overweight. While CenturyLink remains attractively priced on some metrics, its transformation gains will be around two-thirds realized exiting 2020 as revenue declines continue, Flannery tells investors in a research note. Further, the company's dividend yield spread to AT&T (T) is "tight" post the stock's recent outperformance, adds the analyst.