UBS analyst John Hodulik upgraded AT&T (T) to Buy and raised his price target for the shares to $38 from $33. The shares closed yesterday up 7c to $33.44. The stock is trading near all-time low valuations, and at its widest valuation gap to Verizon Communicators (VZ), given a mix of EBITDA declines, concerns over the debt load and secular issues impacting the space, Hodulik tells investors in a research note. Further, the Time Warner transaction and accounting changes "have compounded these issues, leading to a loss of visibility for investors," the analyst adds. However, his work indicates that AT&T will return to EBITDA growth in the second half of 2018, after a 6% decline in the first half, due to growth in Wireless and WarnerMedia as well as slower declines in Entertainment.