As previously reported, Morgan Stanley analyst Simon Flannery downgraded Uniti Group (UNIT) to Equal Weight from Overweight as he sees a more balanced risk-reward following the stock's strong year-to-date rally. The strength in Uniti shares has lowered its dividend yield by about 300 bps to 10.4%, noted Flannery, who thinks Windstream's (WIN) credit should still be the primary driver of Uniti valuation. He raised his price target on Uniti shares to $24 from $20, adding that his biggest hesitation in downgrading the stock relates to the significant remaining opportunity he sees for it to diversify its tenant/asset portfolio.

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