MoffettNathanson analyst Nick Del Deo downgraded CenturyLink to Sell from Neutral with an unchanged price target of $10. The shares closed Friday up 1c to $13.90. The company faces declining consolidated revenue driven by legacy products churning off and competition, "paired with meaningful fixed costs and substantial financial leverage," Del Deo tells investors in a research note. Further, "outsized" expense reductions are getting harder for CenturyLink to sustain now that synergies from the Level 3 transaction have largely been realized, adds the analyst. He believes CenturyLink's market-implied multiple "embeds expectations that appear much more optimistic than warranted." Del Deo believes a Sell rating better aligns with the company's fundamentals.