That ambitious partnership hasn't yet changed Nomura's analysts' minds. Their sell rating still stands for Telefonica, which is a bit of a slap in the face to stockholders, since the analysts at Nomura recently gave the green light to similarly woebegone Euro-carrier France Telecom ( NYS: FTE ). Telefonica hasn't helped its case with a recent dividend cut, but you can still make the case that its payouts have held up better than Frontier's.