J.P. Morgan Reduces AT&T Estimates

J.P. Morgan has published a report reducing first quarter estimates for AT&T T. According to J.P. Morgan, "We are reducing our 1Q11 EPS estimate to $0.57 from $0.59 previously due to higher than-expected integration costs related to acquired Alltel-related properties from Verizon. The transition of CDMA subscribers to GSM/HSPA started in 4Q10, but we expect peak migration and network expenses to hit in 1Q11 and 2Q11. The target migration end date is quarter-end 2Q11." AT&T closed yesterday at $30.71 a share.