Hudson Square Research Reiterates Buy, $36 Target on AT&T

Hudson Square Research reaffirms its Buy rating with a $36 target price on AT&T

as the company defends its iPhone leadership position. Hudson Square Research notes, "Given the large subsidy, and given the loss of exclusivity, there has been much discussion in the market cocerning the value of the iPhone for AT&T and other carriers. Our analysis suggests that iPhone users have an NPV that is ~2x higher than feature phone users, even with the higher handset subsidies, and therefore we expect AT&T to defend its iPhone leadership position." T closed at $29.84 a share on Friday.