Shares of wireless providers have been surging, so is it time for investors to make a call? Hold the phone, says Craig Moffett. The senior telecom analyst for Sanford C. Bernstein says he doesn't think the U.S. part of the telecom market is valued particularly attractively right now.
He's especially cautious about Sprint Nextel.
"You're seeing a company that's strategically in disarray," he told CNBC. "Operationally, the company is really struggling; they lost a big wholesale contract to Verizon ...and they're losing subscribers."
In the wireless field, he sees Verizon and AT&T both operating at the top of their game.
"That's great as an operating proposition, but it may not be the right time to say you want to jump in and invest in those stocks," he said. "The other parts of those businesses are struggling."
The best opportunities in wireless, he says, may be in international stocks like Vodafone and Telefonica.
Moffett's firm, Sanford C. Bernstein, owns more than 1 percent of Verizon, AT&T, and Sprint Nextel. Those companies are investment banking clients of the firm, and the firm makes a market in their shares.