Bernstein raised the firm’s price target on AT&T (T) to $32 from $31 and keeps an Outperform rating on the shares. The firm notes AT&T is making a preemptive move by acquiring a substantial block of low and midband spectrum for $23B from Echostar (SATS), implying $1.5 per MHz-pop. It certainly isn’t cheap, but it’s what was necessary to secure a sizable block optimal for AT&T, given its current mid-band portfolio that already includes 43 MHz of 3.45 GHz band, Bernstein adds.
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