+------------------------------------------------------------------------------+
AT&T Cut at JPMorgan; Says Biggest Fear is Large European Deal 2013-12-04 09:00:14.933 GMT
By Roger Neill Dec. 4 (Bloomberg) -- AT&T cut to neutral vs overweight at JPMorgan, PT $38. * Says potential M&A transactions could be distracting and dilutive: JPM * "Biggest fear’’ is a large European deal results in distraction and higher leverage on U.S. business, making likelihood of a misstep in U.S. due to ramping competition even higher: JPM * Sees little to no synergies of AT&T investing in Europe, would prefer co. target smaller growth-based initiatives rather than a “large foreign adventure:” JPM * AT&T’s subscriber growth likely to continue to lag industry: JPM * Growth initiatives unlikely to offset wireless slowdown in 2014: JPM * NOTE on Dec. 3: AT&T May Wait Until Vodafone’s ‘Project Spring’ 4G Plan Blossoms {NSN MX8HNB6JIJUX<Go>} * NOTE on Dec. 3: AT&T Could Justify a Vodafone Bid of 290p/Share, JPMorgan Says {NSN MX80ZR6JTSF3 <go>} * NOTE on Nov. 28: Vodafone Shares Vulnerable If AT&T Speculation Fades: Espirito {NSN MWYRF26JTSF2 <go>} Link to Company News:{VOD LN <Equity> CN <GO>} Link to Company News:{T US <Equity> CN <GO>}
For Related News and Information: First Word scrolling panel: {FIRST<GO>} First Word newswire: {NH BFW<GO>}
To contact the reporter on this story: Roger Neill in London at +44-20-7673-2867 or rneill3@bloomberg.net
To contact the editor responsible for this story: Brian Lysaght at +44-20-7330-7908 or blysaght@bloomberg.net