A formerly vocal bear on AT&T Inc.'s stock has abandoned that stance, but not with much enthusiasm.
“We’re not optimists,” SVB MoffettNathanson analysts led by Craig Moffett wrote in a note to clients. “We don’t see things in Wireless generally, or at AT&T specifically, getting materially better. We do, however, believe that AT&T’s stock price now appropriately reflects reality.”
See also: AT&T CEO addresses historic post-earnings selloff and changes in the works, saying ‘I was wrong’ Moffett saw risk in the wireless sector, writing of insurgent competition from cable providers that is pressuring average revenue per user for incumbent players, as well as a slowdown in industry growth. Those factors have kept him from upgrading shares of T-Mobile, despite his view that the stock is “getting objectively cheap” and that the company’s free-cash-flow story was attractive.
“To be sure, Amazon quite obviously could do this if they wanted to,” he wrote in a note to clients last week, though he questioned why Amazon would want to, and whether telecommunications companies would play along.
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