Jefferies analyst Scott Goldman initiated coverage of Zayo Group with a Buy rating and $49 price target. Given its fiber focus and network density, Zayo is well positioned to benefit from growing bandwidth needs of the digital economy, Goldman tells investors in a research note. He believes the company's investments in management and salesforce, along with improving churn, should drive better growth. Further, the expected REIT conversion in 2020 should "provide meaningful re-rating over the next 12+ months," Goldman tells investors in a research note. He sees 41% upside from current share levels.