电信通讯行业-美国电信通信行业Roz报告：随着预算攀升，需要深度审视支出的优先次序

EquityResearch5February2018BarclaysCapitalInc.and/oroneofitsaffiliatesdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.PLEASESEEANALYSTCERTIFICATION(S)ANDIMPORTANTDISCLOSURESBEGINNINGONPAGE16.U.S.TelecomandComm.InfrastructureTheRozReport:AsCapexRises,aDeeperLookintoSpendingPrioritiesWiththreeofthebigfourcarriershavingreportedresults,indicationssuggest2018isgoingtobeabigyearfortelecom-relatedspending,largelyonthebackofincreasesbybothAT&TandSprint.Overall,weexpectcapexamongthebigfourtoincreaseby~10%thisyear,thelargestincreasewehaveseeninthepastfiveyears.However,ifour