AT&T (T) Raised to $48 at Jefferies
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Jefferies analyst Mike McCormack reiterated a Buy rating and lifted its price target on AT&T (NYSE: T) to $48.00 (from $44.00) following results.
commented, "AT&T reported another quarter of strong profitability, with low volumes driving nearly 50% Wireless service margins. While postpaid ARPU was a bit weaker than expected, service revenue was in line as prepaid migrations are likely accretive to ARPU. Normalizing for such migrations, postpaid handsets losses were inline, but should improve from here. Adjusted EPS of $0.72 was just below our $0.73, but in line with Street consensus."
The firm raised FY 2016 EPS from $2.88 to $2.89 and FY 2017 EPS $3.04 to $3.05.
Shares of AT&T closed at $42.52 yesterday.
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