Canaccord Genuity Starts AT&T (T) at Hold; Shares Likely Pressured Depite Buybacks

Canaccord Genuity initiates coverage on AT&T (NYSE: T) with a Hold. PT $29.00.

Analyst, Greg Miller, said, "AT&T remains a defensive stock with stable margins, stable wireless subscriber trends and 5.6% dividend yield and 5.5x 2013E EBITDA multiple. However, mid-single-digit EPS growth will not likely bolster the stock. With the proposed T-Mobile deal now dead and its rural strategy in question, we believe divestitures or sales of rural access lines are highly likely."

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 $31.79 yesterday.

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