Photo: Credit Suisse
A new survey from Credit Suisse says 63% of iPhone owners will stick with AT&T, even if it loses the exclusive right to sell the phone.Where would AT&T iPhone owners go if given the chance? 23% will join Verizon, while 3% will go to Sprint, and 2% will go to T-Mobile.
While it might sound scary to think about AT&T possibly losing 37% of its iPhone users, Credit Suisse is bullish on AT&T, raising its price target on the telecom to $35, up from $27.
The investment bank says the damage of losing the iPhone is being overblown, making AT&T cheap. Also, AT&T will deliver strong earnings, a good dividend, and stock repurchases.
Credit Suisse looks at when contracts end. Most iPhone owners are under contract, so it's hard to trust what they say about switching.
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