Verizon, AT&T: UBS Downgrades On Weak Economy

UBS telecom analyst John Hodulik today cut his ratings on both AT&T (T) and Verizon (VZ) to Hold from Buy, asserting that “the weak economy is pressuring wireline fundamentals at the Bells more than expected.” He expects to see accelerating line loses, weaker broadband adds and slowing growth in small- medium-sized businesses. Hodulik also says the wireless segment will get more competitive once Apple’s (AAPL) 3G iPhone hits the shelves next month at its new $199 price point.

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