NEW YORK (TheStreet) -- Frontier Communications (FTR - Get Report) soared after an analyst upgraded the stock and raised its price target. AT&T (T - Get Report) jumped following a price target increase by Jefferies and decision to add it to its Franchise Picks list.

Frontier Communications soared 4.3% to close at $5.38.

The provider of telephone service to small and rural communities spiked after DA Davidson upgraded the company to a buy from neutral, according to a report in Barron's.  However, the Davidson analyst lowered the price target on Frontier.

In making this decision to lower the price target to $6.50, the analyst, according to Barron's, said, "Our new 12-month target is based on our multiple of 7.1 times (from 7.0x, to give benefit for the deal) to our 2016 EV/EBITDA estimate of $2,205 million. Our price target equates to a 6.5% yield."

The deal is in reference to Frontier's plans to use nearly $2 billion raised through its issuance of stock and convertible debt toward its $10.5 billion buyout of Verizon Communications' (VZ - Get Report) wireline.

Meanwhile, Wall Street's price target for Frontier is $7.23, according to a 24/7 Wall Street report. Frontier closed in the lower portion of its 52-week range of $4.90 to $8.46.

AT&T jumped 2% to end the day at $35.04.

The stock climbed higher after Jefferies increased its price target to $40 from $39. The firm also added AT&T to its Franchise Picks list. The stocks on this list represent Jefferies' U.S. equity research team's "highest conviction" buy-rated stocks.

In lumping AT&T into the mix, Jefferies noted it felt analysts were "overly bearish" on the carrier's prospects, as it works its way through the DirecTV (DTV) merger and its acquisitions in Mexico.

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.