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.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on T:
- This Blue-Chip Dividend Stock Just Got Upgraded — Here’s Why It’s a Buy Now
- Argus upgrades AT&T to Buy amid focus on wireless and broadband expansion
- AT&T upgraded to Buy from Hold at Argus
- AT&T COO says company continues to see healthy demand
- Early notable gainers among liquid option names on December 6th
