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A little good news for AT&T (T) today. JPMorgan has added the stock to its analyst focus list and rates it “overweight”.
The firm commented: “We are adding AT&T to our Analyst Focus List as we expect the wireline business to perform better than very conservative expectations in 2009. In addition, we are more optimistic on AT&T’s wireless opportunity given better than expected wireless ARPU and margin trends in the quarter.”.
Looking at the telco’s valuation JPM said, “Shares are currently trading at 4.8x our 2009 EBITDA estimate, attractive relative to historical levels. In addition, we believe management guidance may prove conservative while upward revisions to Street estimates are likely.”
Douglas A. McIntyre
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