Raymond James Upgrades AT&T (T) to Outperform on Valuation and De-Levering
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(Updated - March 15, 2019 7:33 AM EDT)
(updated to add analyst comments)
Raymond James analyst Frank Louthan upgraded AT&T (NYSE: T) from Market Perform to Outperform with a price target of $34.00.
- outlook for positive earnings growth
- strong de-levering story
- AT&T trades at a discount to Verizon of ~3x turns of EPS and FCF, with a 250 bp higher dividend yield
- "We believe that the combination of positive earnings growth and de-levering over the course of the year will bring investors back to AT&T."
Shares of AT&T closed at $30.28 yesterday.
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