Jefferies Reiterate Hold, $33 Target on AT&T

Jefferies maintains its Hold rating and $33 target price on AT&T, Inc.

as the company sees record smartphone sales on iPhone refresh. Jefferies comments, “AT&T disclosed yesterday the much-anticipated iPhone 4S launch resulted in stronger than expected smartphone sales in the quarter-to-date. Additionally, upgrade activity jumped significantly. Although we are reducing our 4Q EPS estimates to reflect the higher subsidies, these subscribers are high NPV and as such, we view the record sales as positive for AT&T, on the margin.” T closed at $29.40 per share on Wednesday.