Citi analyst Michael Rollins lowered his price target for Frontier Communications to $1.00 from $1.50 after incorporating a 25% risk of financial distress into his valuation analysis. While the recent asset sale was a "modest positive," recent press reports regarding informal discussions with bondholders suggests risk of financial distress is rising for Frontier, Rollins tells investors in a research note. Further, the analyst believes the appointment of two new board members who specialize in financial restructurings also increases the risk that Frontier may consider how to proactively restructure its balance sheet. He keeps a Sell rating on the shares.