Morgan Stanley Has Positive Long-Term View on AT&T

In a report published Thursday, Morgan Stanley analyst Simon Flannery reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “AT&T benefits from the business' defensive characteristics, with a strong dividend yield, healthy balance sheet, largely domestic revenues, and share buyback program. However, the wireless industry is becoming increasingly more competitive, and the wireline business faces secular pressures (including wireless substitution, cable competition, and pension/OPEB obligations).” AT&T closed on Wednesday at $35.88.