0752 GMT - BT Group's approach to debt reduction supports the case for future dividends and buybacks, Bernstein analysts write in a note. The U.K. telecommunications company is nearing the end of its fiber investment cycle, which could lead to higher free cash flow as capital expenditures return to normal, they say. Additionally, BT is shifting from a phase of decline to one of stabilization as Openreach line losses seem to be plateauing. "Openreach's [which is owned by BT] scale advantages should support a more rational competitive environment in U.K. broadband over time," they say. Shares are up 0.1% at 1.97 pounds.