NEW YORK — Oppenheimer Asset Management issued fresh bullish calls on telecom giants, T-Mobile US (TMUS, Financial), AT&T (T, Financial), and Verizon Communications (VZ, Financial) on Wednesday. Beyond the usual talk over price movements, the popular asset manager shed light on each company's strategic positioning for future expansion and evolving consumer demands for 5G services and infrastructure bumps.
T-Mobile, Oppenheimer's leading telecom bet, boasts the strongest momentum, with a target support price of $198. The firm expects the telecom player to continue advancing its leadership in 5G deployment, positioning it as a juggernaut in the hotly competitive wireless space.
On the flipside, AT&T stock finds itself in a period of consolidation, enabling the company to refocus its efforts on its core business, including fiber internet expansion. Consequently, Oppenheimer cited $20.50 as support and projected resistance at $23.50.
Furthermore, Verizon's September breakout above a multi-year low could potentially be a sign of a bullish reversal, according to Oppenheimer. With a key support level at $42, the firm sees upside to $49, approximately 11% higher than its current price. A break above the $49 mark would also help it push past its 52-week high price of $45.36.
