JPMorgan analyst Philip Cusick upgraded CenturyLink (CTL) to Overweight citing positive implications of the Level 3 (LVLT) deal. The acquisition is a "significant positive" for CenturyLink as it brings revenue and EBITDA stability as well as tax protection to help the company pay its dividend, Cusick tells investors in a research note. CenturyLink's 9.1% dividend yield is at record levels versus the 10 year Treasury, the analyst notes. He keeps a $28 price target for the shares. Cusick added CenturyLink to his firm's Analyst Focus List while removing Level 3 (LVLT).