J.P. Morgan Chase & Co. raised its long-term investment rating on AT&T Corp. (T

) to buy from market perform, and set a price target of $33 on the stock.

Analyst Marc Crossman said while he doesn't believe there has been improvement in core fundamentals, he does believe the stock is trading at fair market value of wireless and broadband assets combined. Crosssman added such a scenario would imply consumer and business services units are being assigned virtually no value in the market. Although consumer and business units are less attractive than wireless and broadband units, he added there's residual value to those assets, which will be realized as the company navigates through its restructuring process.

Shares of AT&T were down 11/16 at 23-3/4.