Cowen analysts noted shares of NII Holdings (NIHD) spiked on Friday following headlines Brazil's Anatel has now formally proposed to increase spectrum caps. Cowen believes the rally in the shares was warranted as the proposal would allow any incumbent to acquire Nextel and would also allow AT&T (T) to acquire both Oi (OIBRQ) and Nextel. The firm said although risks remain, they believe a NII takeout in the $5-$10 range could come this year.

Scotiabank raised the firm's price target on AT&T to $22.50 from $22 and keeps an Outperform rating on the shares. The companies continued execution of simplifying and streamlining operations continues to bear fruit, the analyst tells investors. While the wireless market remains competitive, reduced handset subsidies and positive pricing actions are leading to improved overall profitability metrics, the firm adds.

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FY25 EPS consensus $2.16.

Reports Q1 revenue $30B, consensus $28.65B. Reports Q1 349,000 postpaid phone net adds. "Our results this quarter reflect continued strong growth in our Mobility and Consumer Wireline connectivity businesses, which represent about 80% of our total revenues," said John Stankey, AT&T CEO. "Customers are choosing AT&T and staying with us. We achieved a record-low first-quarter postpaid phone churn, grew consumer broadband subscribers for the third consecutive quarter, and expanded margins in Mobility and Consumer Wireline. We're also delivering on our commitment to grow and improve the quality and cadence of free cash flow, which increased by more than $2 billion year over year. This consistent, solid performance driven by our investment-led strategy gives us confidence to re-affirm our full-year consolidated financial guidance."