T - AT&T Stock Could Soar 40% According to Wall Street
Positive talk coming from Wall Street analysts about telecom giant AT&T (NYSE: T) is a breath of fresh air for investors. Shares of AT&T have struggled for years as the company built up and then dismantled a media empire. With it back to being a telecom company and reporting solid results, analysts have started to take notice.
Analyst Frank Louthan of Raymond James (NYSE:RJF) made the case for AT&T on Monday, upgrading his rating on the stock from outperform to strong buy, and he bumped up his price target to $24 per share.
The company's strong third-quarter report, and the contrast with a weaker report from rival Verizon , drove the upgrade. AT&T added 708,000 postpaid phone subscribers and 338,000 fiber subscribers during the third quarter, pushing wireless-service revenue up 5.6% and broadband revenue up 6.1%. This performance came despite a highly uncertain economy.
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AT&T Stock Could Soar 40%, According to Wall Street