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CIBC World Keeps Buy on AT&T

CIBC World maintains its buy rating on shares of AT&T (T).

Analyst Timothy Horan remains confident of AT&T's progress with its restructuring plan, and believes Comcast's reported hostile bid for AT&T's broadband business for $58 billion may actually speed the process along. He thinks greater value will be realized as the company breaks itself into four distinct parts (Wireless, Broadband, Business and Consumer).

Horan says his sum-of-parts valuation of $31 assumes $3,500 per subscriber, well below Comcast's offer. Horan rates AT&T as buy, and sees $0.19 2001 EPS, rising to $0.22 in 2002.

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