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Credit Suisse’s Christopher Larsen today boosted his price target on AT&T (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 (S) and expected subscriber gains from its exclusive deal to sell Apple’s (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:

t chart

Source: AT&T: Optimism On Cingular Growth