JPMorgan analyst Phil Cusick downgraded CenturyLink to Underweight from Neutral and lowered his price target for the shares to $10 from $14. The company reported Q2 results with better adjusted EBITDA on improved cost of service despite weaker revenue in both Consumer and Business segments, Cusick tells investors in a research note. The analyst, however, believes CenturyLink's business will remain challenged. He views the continued payment of a dividend as inappropriate given the company's "elevated" leverage profile and "persistently weak" revenue trends. Without massive capital investment, CenturyLink's consumer business can't inflect toward growth or be sold at an accretive multiple, says Cusick.