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Jefferies retained its Buy rating on AT&T Inc. (NYSE:T) shares after the carrier reported an in-line earnings for its latest quarter as it added more smartphone customers even as the wireless market is saturating.
Analyst Mike McCormack noted that the fourth-quarter results of AT&T benefited from lower D&A that in turn helped promotions in both Mexico and the United States and absorbed higher DTV Now costs.
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Justification
“We continue to favor T and see opportunity with improving handset and ARPU trends as well as scale in Mexico,” McCormack wrote in a note.
Further, the analyst sees improvement in wireless trends given lower ARPU declines and migrations to MSV plans should largely be done by mid-year, potentially offsetting the impact of unlimited video bundling.
That said, the analyst expects investors to question the quality of the EPS guide of the mid-single-digit growth outlook given what appears to be a sizable D&A benefit in 2017.
“We believe the D&A benefit could exceed $1 billion, though changes in capitalized interest (AWS-3 deployment), a normalized GAAP tax rate, and higher medical benefit expense serve as offsets,” McCormack added.
McCormack has a price target of $48 on AT&T shares, which, at last check, were down 0.65 percent to $41.12.
Crypto Whales Are Loading Up — Are You?
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.