JPMorgan analyst Philip Cusick downgraded AT&T (T) to Neutral with a $36 price target following a period a restriction. His firm had an Overweight rating on AT&T before going restricted in October of 2016. The analyst believes reversal of the Time Warner acquisition by the Department of Justice is "very unlikely" and would not be surprised to see AT&T shares "rebound fairly quickly after a period of deal-related flowback." Cusick, however, prefers shares of Verizon (VZ) citing a "slightly higher multiple but less video-related margin pressure."

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FY25 EPS consensus $2.16.

Ribbon Communications (RRBN) announced plans for a major network modernization program with Verizon (VZ) to retire legacy TDM switching platforms and replace their function with modern cloud-based technologies. Verizon is leveraging Ribbon's portfolio of Voice Products including the vC20 Call Controller, G5 Line Access Gateway, G6 Universal Media Gateway, virtual and Cloud-native Session Border Controllers, and other products which allows for the consolidation and replacement of equipment with energy efficient, software-centric platforms while maintaining full feature functionality.

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."

Wells Fargo lowered the firm's price target on Verizon to $40 from $44 and keeps an Equal Weight rating on the shares. The firm sees encouraging signs in Q1 - improvement in sub trends and limited churn from price-ups - offset by some softness in the business segment and prepaid. Wells would get more constructive when there's visibility on a sustainable improvement in sub trends.

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Total wireless service revenue of $19.5 billion, a 3.3 percent increase year over year. Retail postpaid phone net losses of 68,000, and retail postpaid net additions of 253,000. Retail postpaid phone churn of 0.89 percent, and retail postpaid churn of 1.15 percent.

Total wireless service revenue growth of 2.0 percent to 3.5 percent. Adjusted EBITDA growth of 1.0 percent to 3.0 percent. Capital expenditures between $17.0 billion and $17.5 billion. Adjusted effective income tax rate1 in the range of 22.5 percent to 24.0 percent.

Reports Q1 revenue $33B, consensus $33.24B.