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AT&T Inc.'s (NYSE: T) reduced revenue outlook for 2014 reflects "a transition period" that will require a year or more to complete, according to an analyst Wednesday.
Citi's Michael Rollins said AT&T's lower guidance that accompanied its third-quarter earnings report Thursday reflects the role of accounting for installment plans rather than "organic performance."
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The company is shifting away from subsidizing customers' mobile phones in exchange for long-term contracts.
It seeks instead to offer "attractive pricing" without the subsidized device for its so-called Mobile Share plans, which now represents 45 percent of the company's subscribers.
This shift is part of a transition that "unfortunately, we believe will take at least another 12-to-18 months to show progress," said Rollins, who maintains a Neutral rating on AT&T.
So far the strategy is showing success, with an additional 785,000 wireless subscribers and 601,000 high-speed Internet subscribers in the recent period.
But Canaccord's Greg Miller pointed out that its growth pace is outstripped by Verizon Communications Inc. (NYSE: VZ). Moreover, AT&T's growth is likely to slow in the face of fierce competition, according to Miller, who maintained a Hold rating.
Taking a more sanguine view, Credit Suisse's Joseph Mastrogiovanni said AT&T's pricing strategy "will shield it to some extent from heavier competition."
Mastrogiovanni maintained an Out Perform rating on AT&T, but cut his 2014 estimate, citing the shift to Mobile Share as well as the cost of promotions and competition.
AT&T closed Thursday down more than 2 percent at $33.66.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.