Morgan Stanley analyst Simon Flannery downgraded AT&T to Equal Weight from Overweight with a $20 price target. AT&T’s (T) sustained outperformance in 2022 has created a less attractive relative valuation, particularly versus Verizon (VZ), Flannery tells investors in a research note. The analyst says that while AT&T’s solid execution continues, he expects slowing growth in 2023 on more difficult wireless comps and continued secular pressures in wireline. Flannery switched his preference to Verizon over AT&T.
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