AT&T
T,
and Verizon Communications
VZ,
stock each rose 2% in premarket trade, as Citi upgraded both telecommunications companies to buy/high-risk from neutral. “If the outcome for lead cabling is more likely in the range of immaterial to remediating the non-buried lead cabling, then we believe the stocks (largely T & VZ) could recover at least one-third, if not more than one-half, of their recent market cap losses of $21 [billion].” Analysts led by Michael Rollins also say the wireless competitive environment is showing signs of stabilization that should help operating performance.
