uploads///Telecom Q Market Capitalization

JPMorgan Chase Upgrades AT&T Stock to ‘Overweight’


Dec. 13 2018, Updated 9:00 a.m. ET

JPMorgan Chase upgrades AT&T stock

On December 3, JPMorgan Chase upgraded AT&T (T) stock from a “neutral” to an “overweight” with a 12-month price target of $38. This price target represents a potential upside of ~26.1% from its December 7 closing price of $30.14.

As reported by CNBC, in a note to clients, JPMorgan’s Philip Cusick stated that AT&T’s chair, Randall Stephenson, “is comfortable that the combination of improved wireless performance, mix shift to media, and better pricing in Entertainment should make 2019 trends markedly better than those in 2018.”

Article continues below advertisement

However, JPMorgan downgraded AT&T’s better-performing competitor Verizon (VZ) from an “overweight” to a “neutral.” Cusick stated, “As much as we like Verizon’s consistent and improving execution, the combination of a new management team and reporting lines with the run-up in shares make the risk/reward less compelling than peers AT&T and Comcast.”

AT&T’s scale

As of December 7, AT&T was the second-largest wireless carrier, with a market cap of $219.4 billion. Meanwhile, Verizon’s, T-Mobile’s (TMUS), and Sprint’s (S) market caps were $238.3 billion, $55.7 billion, and $24.5 billion, respectively. Market cap represents a company’s market value, which is its shares outstanding multiplied by its stock price.


More From Market Realist

  • CONNECT with Market Realist
  • Link to Facebook
  • Link to Twitter
  • Link to Instagram
  • Link to Email Subscribe
Market Realist Logo
Do Not Sell My Personal Information

© Copyright 2021 Market Realist. Market Realist is a registered trademark. All Rights Reserved. People may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.