Jefferies Maintains Bullish View on AT&T (T) Post Q1; Says Revenue Pressures Set To Ease
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Jefferies analyst Mike McCormack reiterated a Buy rating and $39 price target on AT&T (NYSE: T) following solid Q1 results. The analyst said revenues pressures are set to ease.
McCormack commented, "AT&T delivered better postpaid adds and churn, with phone only ARPU ahead, and margins beating us by 20bps. Notably, the company sees the low water mark in Y/Y service revenue and ARPU decline rates now passed. Wireline revenue missed, partly driven by F/X, though margins topped our/Street estimates. EPS of $0.63 was in line. DTV synergies were increased by 56%, to $2.5bn. Management maintained capex guidance, and indicated an appetite for ongoing factoring."
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 $32.86 yesterday.
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