In addition to lifting his Q4 iPhone activation forecast for AT&T (T +1.3%), JPMorgan's Philip Cusick is raising his postpaid net add forecast to 700K from 500K. Moody's, however, is cautioning multiples for U.S. telecom names have been inflated by yield-chasing investors, and could compress as dividend tax rates and interest rates rise. It also worries these events could drive telcos to perform "credit negative actions" to prop up their shares. AT&T closed the sale of $4B worth of debt today.