UPDATE: BMO Capital Markets Lowers Frontier Communications' PT

According to a research report published this morning, BMO Capital Markets has decreased Frontier Communications'

PT from $5 to $4.50. In the report, BMO Capital Markets said, "Our annual estimates were fine-tuned to reflect higher depreciation expense. We continue to factor in sustained high levels of capital intensity longer term as Frontier will likely need investment in broadband to remain competitive, particularly with Video. We expect free cash flow to decline in 2013 relative to 2012, reflecting sustained levels of capital investment to augment its broadband build and significantly higher cash taxes." BMO Capital Markets maintains its Market Perform rating on Frontier Communications, which is currently trading at $3.50.