<div id="subtitle">Credit Suisse downgrades Verizon, says AT&T likely won't lose exclusive iPhone deal until 2011</div><div><p>A Credit Suisse analyst downgraded Verizon Communications Inc. Thursday and said he no longer believes rival AT&T Inc. will lose its exclusive deal to carry Apple's iPhone before 2011.</p><p>Jonathan Chaplin lowered his rating on Verizon to "Neutral" from "Outperform," and cut his share price target to $30 to $32.</p><p>Chaplin said he'd originally preferred Verizon's shares over AT&T's in part because he believed AT&T would lose its exclusive iPhone contract with Apple in the middle of 2010. If this happened, he said a "substantial" number of subscribers and value would transfer to Verizon from its rival — "an event that was not adequately priced into either stock," according to Chaplin.</p><p>Now, Chaplin thinks AT&T won't lose its iPhone exclusivity until mid-2011 at the earliest.</p><p>Apple Inc. and AT&T have not disclosed the length of their exclusive contract. But Apple appeared to reaffirm its commitment to AT&T on last month during the unveiling of its iPad tablet computer, when it announced that the carrier will be the sole U.S. data provider for the device.</p><p>Chaplin also said his expectations for earnings-per-share growth at Verizon have "come down due largely to disappointing wireline margin results."</p><p>Verizon shares slid 37 cents to $28.82 in midday trading. AT&T stock was down 33 cents at $25.25.</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=68449607&bid=informcom" /></div><div id="copyright"><div>

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