BWS Financial analyst Hamed Khorsand dropped coverage of GTT Communications after 15 months of covering the company with a Sell rating. GTT's stock has declined by 83% "as the business is now experiencing revenue erosion," Khorsand tells investors in a research note. GTT continues to carry a debt balance of $3.2B, which management plans to pay down through asset sales, adds the analyst. He sees "considerable risk" to GTT realizing selling prices below the value it bought the assets. As a result, "there is an existential risk to the equity being worth zero," contends Khorsand. GTT Communications in early trading is down 3%, or 23c, to $6.79.