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AT&T and Verizon Stocks Are Out of Favor. That’s a Buying Opportunity, Citi Says.

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Citi’s Michael Rollins raised Verizon and AT&T to Buy from Neutral but kept a High Risk rating on both stocks, as investors wait for more news on...

Investors have been down on AT&T and Verizon Communications stock this year amid fears over lead-cable contamination, wireless competition and slowing industry growth.AT&T and Verizon could offer a turnaround story if the costs of cleaning up lead-wrapped cables turn out to be less than feared and competition among wireless telecom providers stabilizes.

Verizon shares were up 1.3% at $33.55 in premarket trading on Tuesday. AT&T shares were up 1.8% at $14.21. “Market caps for the Telcos with possible [lead-wrapped cable] exposure are down $21 billion vs. an estimated $15 billion cost of remediation based on latest disclosures and our estimates,” Rollins wrote.

“Industry postpaid phone growth is on pace to exceed our prior expectations and consensus, which is a surprise,” Rollins said. “The business segment seems to be performing better than feared as the level of layoffs seem to be subsiding.”

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