US Top Rating Updates on 1/10: BA, T, HPE, ON and More

Morgan Stanley analyst Kristine Liwag downgraded $Boeing (BA.US)$ to Equal Weight from Overweight with a price target of $220, up from $213. The analyst sees the stock approaching fair value at currency levels after its recent outperformance. Going forward, Boeing will trade on execution of its 2025 and 2026 aircraft production rate targets and free cash flow generation, Liwag tells investors in a research note.

Wells Fargo analyst Eric Luebchow upgraded $AT&T (T.US)$ to Overweight from Equal Weight with a price target of $22, up from $17. The analyst views the U.S. telecom sector as a relatively defensive play for 2023, saying wireless subscriber growth should remain above historical levels, fiber-to-the-home construction should still grow and fixed wireless should continue taking share.

Goldman Sachs analyst Brett Feldman upgraded $American Tower Corp (AMT.US)$ to Buy from Neutral with a price target of $245, up from $215. The analyst believes telecom infrastructure stocks look attractive heading into 2023. They are exposed to "secular tailwinds" and can consistently grow funds from operations at "industry-leading" rates through various economic cycles and have the ability to consistently return capital to shareholders through dividends and buybacks, Feldman tells investors in a research note.