{"id":19263,"date":"2023-06-07T04:24:27","date_gmt":"2023-06-07T08:24:27","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/att-stock-gets-an-upgrade-heres-why\/"},"modified":"2023-06-07T04:24:28","modified_gmt":"2023-06-07T08:24:28","slug":"att-stock-gets-an-upgrade-heres-why","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=19263","title":{"rendered":"AT&T Stock Gets an Upgrade. Here’s Why."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n
<\/div>\n<\/figure><\/div>\n

\n AT&T
\n snagged an upgrade from MoffettNathanson on Tuesday, but the team of analysts is hardly upbeat on the stock or telecoms in general.\u00a0<\/p>\n

MoffettNathanson lifted their rating on shares of
\n AT&T
\n (ticker: T) to Market Perform from Underperform on Tuesday, but it\u2019s all about stock action rather than fundamentals. <\/p>\n

\n

The company \u201chas now overshot our target price, and we do not believe a further cut to our target price is warranted,\u201d Craig Moffett and his fellow analysts wrote, maintaining a $17 price target on shares.\u00a0The stock gained 1.8% to $15.67 on Tuesday.<\/p>\n

After a solid 2022 for the sector, investors have watched telecoms underperform the
\n S&P 500
\n this year\u2014specifically over the last three months\u2014analysts noted, \u201cand AT&T has led the way down.\u201d<\/p>\n

So far this year, AT&T shares have shed 15%, while
\n Verizon Communications
\n (VZ) lost 12%, and
\n T-Mobile
\n (TMUS) slid 7.8%. In comparison, the S&P 500 has gained 12%.\u00a0<\/p>\n

\u201cWe continue to be cautious about wireless industry prospects. But so is the market,\u201d Moffett and team wrote. \u201cThe sharp declines in stock prices for all of the Big Three, and for AT&T in particular, reflect an appropriately sober view.\u201d\u00a0<\/p>\n

AT&T stock took a significant hit on April 20 after the company\u2019s first-quarter earnings showed slower subscriber growth, the analysts noted. Shares lost 10% that day, their largest decline in more than 20 years, according to Dow Jones Market Data.\u00a0<\/p>\n

In addition, the threat of competition has shaken telecom stocks. The analysts highlighted last week\u2019s decline in sector shares on reports that\u00a0
\n Amazon.com
\n (AMZN) was in talks with several telecoms to possibly offer low-cost, or even free, nationwide mobile phone service to Prime subscribers.<\/p>\n

And while AT&T was reluctantly handed an upgrade, MoffettNathanson maintained Market Perform ratings on Verizon and
\n T-Mobile,<\/span>
\n but lowered price targets to $40 from $42 and to $172 from $181, respectively. <\/p>\n

Verizon stock rose 0.3% to $34.68, while T-Mobile shares slid 2.5% to $128.88 in recent Tuesday trading.<\/p>\n

On a more positive note, it seems there has been a decline in \u201ccompetitive intensity among the operators recently,\u201d analysts added, pointing to Verizon and T-Mobile dropping their device promotions for entry-level plans. Meanwhile, AT&T has continued its promotions. <\/p>\n

Trimming promotions drives more dollars in revenue and profitability, the analysts explained. \u201cThey also tend to signal that the carriers involved feel sufficiently comfortable with their subscriber trajectories that they can pull back on discounting,\u201d they added. <\/p>\n

Perhaps that is the sunshine behind the clouds for the sector.<\/p>\n

Write to Emily Dattilo at emily.dattilo@dowjones.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

AT&T snagged an upgrade from MoffettNathanson on Tuesday, but the team of analysts is hardly upbeat on the stock or telecoms in general.\u00a0 MoffettNathanson lifted their rating on shares of AT&T (ticker: T) to Market Perform from Underperform on Tuesday, but it\u2019s all about stock action rather than fundamentals. The company \u201chas now overshot our […]<\/p>\n","protected":false},"author":1,"featured_media":19264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-19263","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nAT&T Stock Gets an Upgrade. 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