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Fly News Breaks for June 3, 2015
T
Jun 3, 2015 | 07:04 EDT
Jefferies added AT&T to its Franchise Pick List and raised its price target for shares to $40 from $39. The firm believes the Street is "overly bearish" on AT&T and notes its new price target implies 16% upside along with a 5.5% dividend yield. Jefferies sees the DirecTV acquisition as providing immediate cash flow benefits, which it believes should remove lingering dividend concerns. It keeps a Buy rating on AT&T.
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