Friday, June 8, 2018
changes and resegmentations
AT noted accounting changes and resegmentations of parts of its American wireless business.But looking through that, it's hard to recommend the stock when it's facing structural headwinds and execution risk, Synesael notes. He has a Market Perform rating and $39 price target.SunTrust's Greg Miller is revisiting the firm's model over the next few days after the complex earnings report. He believes there's a chance to revisit the AT story later with a more attractive valuation; he has a Hold and $40 price target.On the bullish side is Jefferies, which acknowledges challenges in the entertainment transformation, iphone 8 plus case and the fact that subscriber improvements came at the expense of the company's margins, but has a Buy rating and $48 price target, implying 46% upside from here (h/t Bloomberg).
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