Nomura Securities on Telecom Stocks: Becoming More Positive Telecom; Raising Price Targets at AT&T (T) and Verizon (VZ)

Nomura Securities on Telecom Stocks: Becoming more positive telecom; raising price targets at AT&T (NYSE: T) and Verizon (NYSE: VZ).

Analyst, Mike McCormack, said, "A positive industry backdrop is emerging, and we see a clear path for positive sentiment up through the next iPhone refresh. Despite high relative valuations to both the broader market, and historical ranges, we expect improving behaviors and attractive dividend yields to allow for further upside for both AT&T and Verizon. Accordingly, we have raised our AT&T and Verizon target prices to $36 (from $32) and $42 (from $37), respectively. We see risk to Sprint (NYSE: S) estimates should Sprint’s iPhone experience conform with broader industry upgrade trends."

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