Cowen Upgrades AT&T (T) to Outperform

Cowen upgraded AT&T (NYSE: T) from Market Perform to Outperform with a price target of $40.00 (from $35.00) amid the pending DTV deal.

Analyst Colby Synesael commented, "We are upgrading T to Outperform and raising our PT to $40 based on our view that 1) DTV is accretive to EPS/FCF, 2) valuation is cheap vs. historicals, and 3) an in-home/mobile video offering is differentiating. To that last point we believe over the coming year the acquisition of DTV will prove as much strategically beneficial as it is financially which we think remains a non-consensus view."

For an analyst ratings summary and ratings history on AT&T click here. For more ratings news on AT&T click here.

Shares of AT&T closed at $35.57 yesterday.

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