UPDATE: Oppenheimer Holdings Reiterates Outperform Rating, Raises PT on AT&T

In a report published Wednesday, Oppenheimer Holdings reiterated its Outperform rating on AT&T T, and raised its price target from $40.00 to $42.00. Oppenheimer Holdings noted, “In light of lower iPhone 5 subsidies, we are raising our price target for AT&T by two dollars. The iPhone 5 launch was slightly weaker than expected; inventory looks somewhat constrained for 4Q and a significant portion of iPhone5 sales went un-subsidized. In addition, we are entering a seasonally strong period for the carriers, which we expect the market to recognize. We also believe that a Republican victory could boost stock prices in the form of lower taxes on dividends and less regulation from the FCC.” AT&T closed on Tuesday at $38.06.