Macquarie's Kevin Smithen is cutting AT&T (T) to Neutral from Outperform due to weak...

|By:, SA News Editor

Macquarie's Kevin Smithen is cutting AT&T (T) to Neutral from Outperform due to weak wireless growth, a slow enterprise wireline recovery, and a "lack of clarity" on the T-Mobile deal. Smithen sees weak post-paid wireless subscriber adds and  a "stalling" average revenue per user (ARPU), and expects iPhone subsidies to pressure margins.