美银重启覆盖三大电信运营商 AT&T(T.US)获“买入”评级领跑三巨头

Core Viewpoint - Bank of America has resumed coverage of the three major U.S. telecom operators—AT&T, Verizon, and T-Mobile US—highlighting their unique business strategies and potential advantages in the market, particularly in relation to the AI boom [1] Group 1: Company Ratings and Target Prices - AT&T has been rated as "Buy" with a target price of $32, reflecting its balanced strategy and strong operational momentum [2] - Verizon has been rated as "Neutral" with a target price of $45, indicating a solid user base but facing short-term competitive pressures [3] - T-Mobile US has also been rated as "Neutral" with a target price of $255, showcasing strong execution in user growth but potential risks from increased competition [4] Group 2: Business Strategies - AT&T focuses on a "wireless + fiber dual engine" strategy, leveraging fiber and 5G to enhance bandwidth capabilities in the AI data surge era [2] - Verizon emphasizes "Premium Network" and private 5G, with aggressive C-band and millimeter-wave deployments to ensure network quality [2] - T-Mobile US targets "user growth + network efficiency," utilizing a combination of 600MHz and 2.5GHz to gain spectrum advantages [2] Group 3: Competitive Landscape - AT&T's fiber business is seen as a key long-term growth driver, positioning the company favorably in a competitive environment [3] - Verizon's strategy includes maintaining network quality and cautious promotional spending, which may resonate with investors in the long term despite short-term challenges [3] - T-Mobile's growth model heavily relies on user acquisition, making it vulnerable to intensified competition from cable operators entering the wireless market [4]