Moffett Upgrades AT&T on Lower Stock Price
AT&T’s stock price rose 1.82% to $15.67 Tuesday after MoffettNathanson’s Craig Moffett upgraded the stock from underperform to market perform. “We’re not optimists,” Moffett told investors: “We don’t see things in Wireless generally, or at AT&T specifically, getting materially better.…
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We do, however, believe that AT&T’s stock price now appropriately reflects reality.” Moffett said AT&T will likely fall short on its full-year free cash flow guidance “but the market has already priced that in. And we continue to think that AT&T overstates its free cash flow anyway … but, again, so does the market.”