Nomura Securities keyed off the first-quarter report to explain its "buy" rating on the stock. "Trading at a discounted multiple and near-record high short interest, there is little optimism in FTR shares," said analyst Mike McCormack. In particular, he likes the slowing loss of line customers in its West Virginia territory that was acquired from Verizon ( NYS: VZ ) back in 2010. Extending those customer retention tactics to other, more recently added geographies could give Frontier's shares a serious catalyst over the next few quarters. McCormack's $5 target price on Frontier leaves room for a 35% climb from today's prices.