AT&T (T) Added to Jefferies Franchise Pick List

Jefferies analyst Mike McCormack bumped his price target on Buy-rated AT&T (NYSE: T) to $40.00 (from $39.00) and added the stock to the Jefferies Franchise Pick List, saying the company is well positioned into the DirectTV deal closing.

McCormack commented, "We continue to believe the Street has an overly bearish view on AT&T, driven by conservative estimates, and questions regarding the DirecTV and Mexican acquisitions. DirecTV should remove lingering dividend concerns while providing a complementary product portfolio. Mexico could enhance growth opportunities through a differentiated offer. We add AT&T to our Franchise Pick List and introduce a $40 pro forma price target."

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 $34.36 yesterday.

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