ALLTEL "buy," target price raised

07/07/05 - Banc of America

NEW YORK, July 7 (newratings.com) - Analyst David Barden of Banc of America Securities maintains his "buy" rating on ALLTEL Corp (AT). The 12-month target price has been raised from $60 to $70.

In a research note published this morning, the analyst mentions that the DoJ has granted its approval for the merger of ALLTEL with Western Wireless. The transaction is likely to conclude post a Western Wireless merger vote scheduled for July 29, Banc of America Securities adds.