AT&T would need to spend about US$5 billion on its wireless network to catch up with the coverage offered by Verizon Wireless, a financial research firm said Tuesday.

The public's perception of AT&T's network is poor and declining, apparently because of real shortcomings when compared with Verizon Wireless and Sprint Nextel, said Gerard Hallaren, director of research at TownHall Investment Research. The company hosted a conference call about AT&T for investors in conjunction with WJB Capital Group. TownHall announced it has reduced its rating of AT&T from "Favorable" to "Neutral."

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