Jefferies Reiterates Buy on AT&T (T) Following Announced DirectTV Offering
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Jefferies reiterated a Buy rating and $48.00 price target on AT&T (NYSE: T) following the company's introduction of DirecTV Now OTT offering. The offering is set to launch November 30th. DirecTV Now is being offered with four tiers, ranging from $35 to $70 for 60+ to 120+ channels, substantially lower price points than premium cable and satellite packages.
Analyst Mike McCormack commented, "Late Monday, AT&T introduced the much anticipated DirecTV Now OTT offering, set to launch on November 30. Details were largely in line with expectations, though the support of two simultaneous streams is slightly more robust than prior reports. It appears all major content providers are represented, with the exception of CBS, setting the stage for a fairly robust offering to target the roughly 20mn non-payTV households."
Shares of AT&T closed at $39.54 yesterday.
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