UPDATE: J.P. Morgan Lowers Windstream's PT

According to a research report published this morning, J.P. Morgan has lowered Windstream's WIN PT from $14 to $12. J.P. Morgan said in the report, "Windstream is down 15% since 1Q earnings on 5/10, with the dividend yield at 10.5%. At this level we believe the market has little conviction of the sustainability of the $1.00/share dividend. While we cannot rule out the possibility of a dividend cut, we believe WIN is in a different position than where Frontier was prior to its cut, given the different growth characteristics in its core business and better revenue and EBITDA trajectory. The 70%+ payout ratio is high, though Windstream is delivering strong execution on its consumer and business channels to fight the secular headwinds.We model the 2012 revenues at $6.18b and EBITDA at $2.43b, in line with guidance, and look for 0.4% and 1.2% growth in revenue and EBITDA for 2013." J.P. Morgan maintains its Neutral rating on Windstream, which closed Friday at $11.23.