Oppenheimer Maintains Outperform on AT&T (T)

Oppenheimer is out with its report today on AT&T T, maintaining Outperform after AT&T agreed to buy T-Mobile USA. In a note to clients, Oppenheimer writes, "AT&T and Deutsche Telekom announced that they entered into an agreement for T to buy T-Mobile USA in a cash-and-stock transaction valued at approximately $39B. In our view, from T's perspective, this is a smart time to come to an agreement of this magnitude and we believe the deal should be approved by regulators (both companies believe the deal will close in approximately 12 months). By taking the strategic initiative, we believe T is precluding other major deals from taking place (e.g., a potential VZ-S deal)." At the time of posting, shares of T were trading pre-market at $28.75, up 2.90% from Friday's close.