AT&T: Performing Where It Matters

Justin SullivanOn our last coverage of AT&T (NYSE:T) we made a bull case for the company, while turning slightly sour on tower REITs that depend on the company's capex cycle. Specifically we said, We think the capex cuts in the pipeline and the ones yet to come during the recession, will make AT&T (6.7X earnings) a superior play over overhyped tower REITs like American Tower REIT (AMT) at 19.5X FFO. We remain long AT&T with a $21 price target. This is an increase over the $20 we had previously and refle ...