Telecommunications giant AT&T rose 0.7 percent in the premarket Friday after an analyst at Raymond James upgraded the stock, noting it trades at a more attractive valuation than rival Verizon.
div > div.group > p:first-child"> Analyst Frank Louthan raised his rating on AT&T to outperform from market perform. He also issued a price target of $34 per share, which represents a 12.3 percent upside over the next 12 months.
AT&T shares slumped in the last 12 months, falling more than 18 percent in that time period. Verizon, meanwhile, is up about 20 percent.The company also dealt with slowing customer growth. In the fourth quarter, the company added a net 134,000 phone subscribers who pay a monthly bill, well below estimates. AT&T's churn rate also rose to 1 percent last quarter from 0.89 percent in the year-earlier period.
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