Credit Suisse’s Christopher Larsen today boosted his price target on AT&T (NYSE:T
) to $39 from $38 and raised his 2007 EPS estimate to $2.54 a share from $2.50. Larsen also increased his estimate on the number of net customer additions for Cingular, which becomes 100% owned by AT&T as a result of the BellSouth acquisition, to 6 million subscribers from 3.2 million.
Larsen cited both continued weakness from Sprint Nextel (NYSE:S) and expected subscriber gains from its exclusive deal to sell Apple’s (NASDAQ:AAPL) new iPhone in the U.S. He continues to rate the stock Outperform.
Today, AT&T is down 2 cents at $34.01.
T 1-yr chart: