CONTEL <CTC> UNIT SALES SEEN BY ANALYSTS Contel Corp's telecommunications equipment unit is the most likely candidate for sale by the Atlanta-based telecommunications company, Wall Street analysts said. "Executone is at the top of the list," said one analyst, referring to Contel's loss-riden telecommunications equipment unit. "The question is, who would take it?" he added. The company, forecasting a 15 pct drop in 1987 operating earnings over last year, said late today that it is reviewing all operations in an effort aimed at "maximizing long-term stockholder value." Analysts also said Contel's federal systems division, which has been hit with several executive defections, may also be put on the block. Contel officials declined to comment on the possibility of selling any operations. However, the company indicated in a statement that it was closely evaluating the telecommunications and federal systems units.