UPDATE: Citi Lowers PT on Frontier Communications to $6

Citi is out with its report today on Frontier Communications FTR, lowering its PT from $7.50 to $6. In its report, Citi writes, "Given the recent share price underperformance, we are maintaining our Hold rating. We are trimming our target price from $7.50 to $6.00 per share given the increasing risk that the company will not be able to organically reduce financial leverage below 3x by 2014 vs. FTR's current target of 2.5x." At the time of posting, shares of FTR were trading at $5.76, down 1.87% from Wednesday's close.