Telecommunications

AT&T (NYSE:T) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/25/2024 43.97% Deutsche Bank $23 → $24 Maintains Buy 01/19/2024 25.97% Oppenheimer → $21 Upgrades Perform → Outperform 12/13/2023 19.98% Wells Fargo $17 → $20 Maintains Overweight 10/23/2023 7.98% Citigroup $17 → $18 Maintains Buy 10/23/2023 13.98% Morgan Stanley $20 → $19 Maintains Equal-Weight 10/20/2023 10.98% Scotiabank → $18.5 Upgrades Sector Perform → Sector Outperform 10/12/2023 1.98% JP Morgan $18 → $17 Maintains Neutral 08/29/2023 1.98% Citigroup → $17 Upgrades Neutral → Buy 08/10/2023 -16.02% RBC Capital $19 → $14 Maintains Sector Perform 08/03/2023 19.98% Morgan Stanley $20 → $20 Reiterates Equal-Weight → Equal-Weight 07/27/2023 19.98% Goldman Sachs $23 → $20 Maintains Buy 07/25/2023 1.98% Citigroup $16 → $17 Maintains Neutral 07/20/2023 19.98% Wells Fargo $22 → $20 Maintains Overweight 07/17/2023 -4.02% Citigroup $22 → $16 Downgrades Buy → Neutral 07/14/2023 31.97%

The following is a summary of the AT&T Inc. (T) Q4 2023 Earnings Call Transcript: Financial Performance: AT&T finished Q4 2023 with improved results, including annual free cash flow growth. Reported over 1.7 million postpaid phone net additions for 2023 and a base increase of more than 10% to over 71.2 million subscribers. Annual wireless service revenues increased by more than $7.5 billion and mobility EBITDA grew by approximately $4 billion. Expanded fiber revenues to over $6.2 billion in 2023 with 1.1 million fiber net customers. Full year free cash flow was higher than expected at $16.8 billion. Reduced vendor financing obligations by $3.3 billion in 2023 and achieved a year-end net debt to adjusted EBITDA ratio of under 3 times. Quarterly revenue growth was at 2.2%, while full-year growth was at 1.4%. Adjusted EBITDA and EPS for the quarter grew by 3.2% and fell by 11.5% respectively. Notably, full-year

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our 12-month target price by $3 to $19, 7.9x our 2024 EPS estimate a slight premium to its three-year forward average at 7.3x, reflecting recent results. We trim our 2024 EPS estimate by $0.10 to $2.39 and set 2025’s at $2.45. T reported Q4 operating EPS of $0.54 vs. $0.61, $0.02 below the consensus. Q4 revenue increased 2.2%, driven by 4.1% growth in the Mobility segment, with a 3.9% increase in service revenue and 4.7% growth in equipment. The Consumer Wireline segment saw a 3.8% increase, driven by 8.3% broadband growth, but partially offset by a 10.3% decline in the Business Wireline segment due to ongoing declines in legacy offerings. Postpaid net phone adds were 526K, while prepaid phone net losses were 132K. Given what

By Emily Dattilo The tide is turning for AT&T, one analyst team said, lifting its rating on the telecommunications stock. Oppenheimer analysts Timothy Horan and Edward Yang upgraded AT&T to Outperform from Perform in a Friday research report. They set a target of $21 for the stock price and raised their forecasts for revenue and earnings. “T has underperformed the market and peers the past few years as the company underwent a difficult transition to position itself as a pure connectivity provider,” Horan and Yang wrote. “We believe these headwinds have moved to the rearview, and the stock is set to benefit from a number of tailwinds.” The analyst team presented five positive factors. First, they said, the capacity and coverage of AT&T’s network has improved. Second, the company has made strides in terms of broadband subscribership and revenue, with 60% of its broadband customers using fiber connections, which offer