Oppenheimer Boosts Start on AT&T (T) and Verizon (VZ) on Lower iPhone 5 Subsidies

Oppenheimer lifted its price target on both AT&T (NYSE: T) and Verizon (NYSE: VZ) Wednesday in light of lower iPhone 5 subsidies.

The price target on AT&T goes from $40 to $42 and on Verizon from $50 to $52.

"The iPhone 5 launch was slightly weaker than expected; inventory looks somewhat constrained for 4Q and a significant portion of iPhone5 sales went un-subsidized," analyst Timothy Horan states. "In addition, we are entering a seasonally strong period for the carriers, which we expect the market to recognize. We also believe that a Republican victory could boost stock prices in the form of lower taxes on dividends and less regulation from the FCC."

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 $38.06 yesterday.

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