AT&T (T) Upgraded to Outperform at Raymond James

AT&T (NYSE:T) was upgraded by research analysts at Raymond James from a “market perform” rating to an “outperform” rating in a research note issued on Friday, MarketBeat Ratings reports. The brokerage currently has a $34.00 price objective on the technology company’s stock. Raymond James’ price target points to a potential upside of 10.86% from the stock’s current price. The analysts noted that the move was a valuation call.

Several other brokerages also recently commented on T. JPMorgan Chase & Co. raised shares of AT&T from a “neutral” rating to an “overweight” rating and set a $38.00 target price for the company in a research note on Monday, December 3rd. Cowen raised shares of AT&T from a “market perform” rating to an “outperform” rating and upped their target price for the company from $34.00 to $36.00 in a research note on Monday, December 3rd. Barclays set a $32.00 target price on shares of AT&T and gave the company a “hold” rating in a research note on Friday, January 18th. Bank of America set a $37.00 price target on shares of AT&T and gave the company a “buy” rating in a report on Monday, November 19th. Finally, ValuEngine cut shares of AT&T from a “sell” rating to a “strong sell” rating in a report on Tuesday, March 5th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. AT&T has an average rating of “Buy” and an average target price of $35.71.

Shares of NYSE:T opened at $30.67 on Friday. AT&T has a 52 week low of $26.80 and a 52 week high of $37.34. The company has a quick ratio of 0.80, a current ratio of 0.80 and a debt-to-equity ratio of 0.86. The company has a market capitalization of $188.28 billion, a price-to-earnings ratio of 8.71, a PEG ratio of 1.29 and a beta of 0.59.

AT&T (NYSE:T) last issued its earnings results on Wednesday, January 30th. The technology company reported $0.86 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.86. AT&T had a net margin of 11.34% and a return on equity of 13.47%. The firm had revenue of $47.99 billion during the quarter, compared to the consensus estimate of $48.50 billion. During the same quarter in the prior year, the firm earned $0.78 earnings per share. The business’s quarterly revenue was up 15.2% on a year-over-year basis. On average, research analysts anticipate that AT&T will post 3.6 EPS for the current year.

In related news, CEO John T. Stankey sold 3,748 shares of the stock in a transaction on Thursday, January 31st. The shares were sold at an average price of $29.84, for a total transaction of $111,840.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.09% of the company’s stock.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund lifted its stake in AT&T by 6,759.6% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 96,680,677 shares of the technology company’s stock valued at $3,388,000 after acquiring an additional 95,271,251 shares during the last quarter. Norges Bank acquired a new stake in AT&T in the fourth quarter valued at $2,077,198,000. BlackRock Inc. lifted its stake in AT&T by 4.0% in the fourth quarter. BlackRock Inc. now owns 454,818,786 shares of the technology company’s stock valued at $12,980,526,000 after acquiring an additional 17,703,030 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of AT&T by 21.2% in the second quarter. Bank of New York Mellon Corp now owns 72,724,434 shares of the technology company’s stock valued at $2,335,182,000 after purchasing an additional 12,709,982 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in shares of AT&T by 17.0% in the second quarter. Dimensional Fund Advisors LP now owns 82,556,205 shares of the technology company’s stock valued at $2,650,940,000 after purchasing an additional 11,990,755 shares during the period. Institutional investors and hedge funds own 63.47% of the company’s stock.

About AT&T

AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through four segments: Communications, WarnerMedia, Latin America, and Xandr. The Communications segment provides wireless and wireline telecom, video, and broadband and Internet services; video entertainment services using satellite, IP-based, and streaming options; and audio programming services under the AT&T, Cricket, AT&T PREPAID, and DIRECTV brands to residential and business customers.

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Analyst Recommendations for AT&T (NYSE:T)

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