Citi analyst Michael Rollins lowered his price target for Frontier Communications to $4.50 and keeps a Sell rating on the shares. He analyst continues to recommend selling Frontier given the potential for "operations to continue to underwhelm" and net debt leverage to stay elevated. Further, he notes that the shares outstanding will increase on June 29 by 32% with the mandatory preferred equity set for conversion. Frontier is facing an uphill battle over the coming 12 months with revenue erosion likely to continue and a more challenging path to cut costs at the same rate it has for the past 12 months, Rollins tells investors in a research note. He keeps a Sell rating on the shares.