UBS Upgrades AT&T (T) to Buy; 'Trading Near All-Time Low Valuations'
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(Updated - September 21, 2018 6:37 AM EDT)
(updated to add analyst comment)
UBS analyst John Hodulik upgraded AT&T (NYSE: T) from Neutral to Buy with a price target of $38.00 (from $33.00).
The analyst comments "We believe the stock is trading near all-time low valuations (and the widest gap to Verizon) given a mix of EBITDA declines, concerns over the debt load and secular issues impacting the space. The Time Warner transaction and accounting changes have compounded these issues, leading to a loss of visibility for investors. Our work suggests the company will return to EBITDA growth in 2H18 after a 6% decline in 1H18 given growth in Wireless & WarnerMedia and slower declines in Entertainment."
Shares of AT&T closed at $33.80 yesterday.
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