AT&T (T) PT Raised to $44 at Nomura

Nomura Securities analyst Jeffrey Kvaal reiterated a Buy rating and boosted his price target on AT&T (NYSE: T) to $44.00 (from $39.00).

Kvaal commented, "A benign competitive quarter should reduce smartphone equipment revenue and drive greater confidence into AT&T's rising wireless services margins. Over time, we believe AT&T's FCF could rise to above $20bn, and hence see scope for material dividend growth. We lift our target from $39 to $44. "

The firm raised FY16E EPS from $2.84 to $2.85 and FY17E EPS from $3.01 to $3.11.

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 $38.65 yesterday.

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