Morgan Stanley analyst Simon Flannery said Zayo Group reported a nice rebound from last quarter's results and provided some encouraging data on the organic growth outlook with solid guidance for calendar 2019. However, "the quarterly results became a secondary focus of investors" once again as the company announced new plans to resegment the business into Network, zColo and Allstream, which makes it seem to him that the original plans to split into two public companies is now off the table for 2019. Additionally, Flannery quoted the company's CEO as stating that Zayo "is fully committed to considering alternatives that would maximize the value of our company. Investors should be confident that our board would engage with any party that makes a credible proposal that appropriately values the company." Flannery, who appreciates the improved results but thinks consistency "will be the ultimate determinant of the stock's performance," keeps an Overweight rating on Zayo shares.