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AT&T: Bernstein Upgrades On Valuation
Posted on June 25, 2008
Bernstein Research analyst Craig Moffett this morning raised his rating on AT&T (T) to Outperform from Market Perform, noting that the recent weakness in AT&T shares provides an attractive entry point. Moffett notes that sentiment on telecom stocks has turned negative on fears of slowing wireless subscriber growth, the risks of a wireless price war and worsening wireline trends. But in the process, valuations have come down; he notes that T has underperformed the S&P by 500 basis points year to date.Moffett notes that AT&T s announcement that the new Apple (AAPL) iPhone business model ...
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