Verizon upgraded to Market Perform at MoffettNathanson after underperformance

As previously reported, MoffettNathanson analyst Craig Moffett upgraded Verizon (VZ) to Market Perform from Underperform with an unchanged price target of $41. After "an unprecedented stretch of underperformance" for Verizon, he believes his prior Underperform recommendation for "has likely run its course," Moffett tells investors. Meanwhile, after "a dramatic bounce for AT&T," he thinks relative valuations are "now inverted" and that AT&T (T) "once again looks overvalued," said the analyst, who simultaneously downgraded AT&T to Underperform. Though he adds that T-Mobile (TMUS) "once again looks to be (by far) the industry’s most attractive investment," Moffett cautions that its upside potential is becoming more limited as sentiment has "steadily brightened."