Indeed, he observes, "Every rapidly growing market in history has been able to profitably support at least two major players, and this market is positively exploding." He notes that the number of US broadband lines have risen fivefold since mid-2002 and are on pace to reach 100 million by the end of the decade.

He suggests, "Big Telecom and Big Cable control those lines. And they'll continue to compete because regulators are unlikely to approve mergers between them. But there's plenty of growth to go around, with the ultimate result being higher share prices for all."

Looking at AT&T and Verizon, he notes "Wireless remains the star operation for both. In addition, oth are also enjoying success in the business market, which they entered full bore last year with the acquisitions of old AT&T and MCI, respectively."

He notes that AT&T lost 6.5% of its basic local line connections over the past year, while Verizon dropped 7.8%. Wireline revenue, however, he says, actually grew thanks to rapid broadband growth. He explains, "Verizon's fiber-to-the-home, or FiOS, network continues to smash growth expectations, and AT&T has boosted fiber investment as well."

As for Comcast, he notes tht the firm on track for 12% annual revenue growth on "continued robust demand" for packages of television, telephone and Internet services. Annual Internet advertising revenue is expected to reach $1 billion by early in the next decade, and the company expects to serve 25% of its customers with phone service in 2009."

In coming years, he forcasts, these stocks are likely to "swap places, leading and lagging each other as they've done routinely in the past." But, he adds, "With their dominance growing, the long-term direction is clearly up for all three." The advisor ratesAT&T a buy up to 42, Comcast to 30 and Verizon to 45.

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