Street View: AT&T dodges near-term Starlink storm, longer-term clouds remain

** AT&T T.N expects average revenue per fiber user to remain under pressure in Q4 as uptake of discounted bundles increases, highlighting the trade-off between subscriber growth and customer spending

** Telecom providers are relying on strong customer retention as SpaceX's SPCX.O wireless ambitions raise fears of heightened competition

** Median PT of 27 brokerages covering the stock is $28 - LSEG-compiled data

ALL BARK, NO BITE?

** BofA Global Research ("buy," PO: $34) says Starlink's wireless service is not a near-term threat, citing technological challenges that could affect service quality, and sees greater potential in AI-related opportunities than in traditional wireless services

** J.P. Morgan ("overweight," PT: $31) says Starlink Mobile may continue to weigh on sentiment, but sees limited near-term business impact given the significant investment needed to compete with the major wireless carriers

** TD Cowen ("hold," PT: $33) says Starlink Mobile may weigh on sentiment, but its near-term impact is likely to be limited due to the high cost of competing with major wireless carriers

** Bernstein ("market perform," PT: $24) says Starlink is not an immediate threat to AT&T, but its long-term ability to evolve into a stronger competitor remains a key investor concern