AT&T: Bernstein Upgrades on Valuation

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.

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