Nomura Securities Lap Cap Telecom Preview; AT&T (T) Remains Top Pick
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Price: $25.15 +0.12%
Rating Summary:
25 Buy, 27 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
Rating Summary:
25 Buy, 27 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 15 | New: 40
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Nomura Securities Lap Cap Telecom Preview by Mike McCormack
"We expect the focus for 2Q11 telecom results will remain on wireless with no evidence of improving enterprise or SME trends. While AT&T (NYSE: T) remains our top pick within telecom, we expect 2Q to exhibit some challenges, particularly regarding ARPU and margins. This quarter, Verizon (NYSE: VZ) will change its reporting to focus on phone-only metrics, and provide more detail on data devices and the impact on overall ARPU. We expect that by excluding lower ARPU data and tablet subscriptions, Verizon hopes to reveal the accelerating phone-only ARPU associated with further smartphone penetration. At Sprint (NYSE: S), we expect continued focus on the balance between gross additions and industry low margins, and we look for weaker year-over-year gross additions, which will likely benefit margins."
"We expect the focus for 2Q11 telecom results will remain on wireless with no evidence of improving enterprise or SME trends. While AT&T (NYSE: T) remains our top pick within telecom, we expect 2Q to exhibit some challenges, particularly regarding ARPU and margins. This quarter, Verizon (NYSE: VZ) will change its reporting to focus on phone-only metrics, and provide more detail on data devices and the impact on overall ARPU. We expect that by excluding lower ARPU data and tablet subscriptions, Verizon hopes to reveal the accelerating phone-only ARPU associated with further smartphone penetration. At Sprint (NYSE: S), we expect continued focus on the balance between gross additions and industry low margins, and we look for weaker year-over-year gross additions, which will likely benefit margins."
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