AT&T

AT&T (T) said late Monday that the company remains confident in its ability to deliver on all of the financial guidance shared during its earnings report in April. The firm said it also remains focused on driving incremental efficiencies through its goal of $2 billion+ in run-rate cost savings by mid-2026, and is on track to achieve net-debt to adjusted EBITDA in the 2.5x range in the first half of 2025.

AT&T Reiterates 2024 Outlook, Sees Adj. EPS $2.15-$2.25 Vs $2.07 Est.

AT&T (T) reported Q1 adjusted earnings Wednesday of $0.55 per diluted share, down from $0.60 a year earlier. Analysts polled by Capital IQ expected $0.53. Revenue for the quarter ended March 31 was $30.03 billion, down from $30.14 billion a year earlier. Analysts polled by Capital IQ expected $30.53 billion. For the full-year 2024, the telecoms provider said it continues to expect adjusted EPS of $2.15 to $2.25. Analysts surveyed by Capital IQ are expecting $2.20.

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: AT&T announced that the personal data belonging to 73 million current or former customers has been leaked online. The data involved appears to be from a breach in 2019 or earlier and is linked to 7.6 million customers and 65.4 million former account holders. The information includes addresses, social security numbers, and passcodes. The company announced in a statement that it is unclear whether the data originated from its own systems or via a third-party supplier. While a data breach is never a positive thing for the company, the silver lining here is that most of it comes from past account holders. AT&T has brought in a cybersecurity firm to investigate and has reset customers’ passwords. At this point it is unclear what the financial fallout from

Wolfe Research analyst John Janedis upgrades AT&T (NYSE:T) from Peer Perform to Outperform and announces $21 price target.

By Angela Palumbo AT&T stock was up Tuesday after a Wolfe Research analyst cited multiple reasons as to why he believes the telecommunications company is a solid, long-term investment. Analyst Peter Supino upgraded shares of AT&T to Outperform from Peer Perform on Tuesday and gave the stock a $21 price target. Supino wrote in a research note that it’s been “safe to be underweight” on AT&T as the stock has provided negative returns over the past three years. However, “amidst apathy and negative muscle memory, we argue that it’s time to take T seriously as a long,” he said. AT&T shares have fallen 10% over the past 12 months. On Jan. 24, the company provided earnings guidance below Wall Street estimates. Investors have also been concerned about the cost of investing in wireless networks, high debt, declining landline customers, and the unknown outcomes of a Wall Street Journal report regarding

Ocean Power Technologies Receives Funding for AT&T 5G-Enabled PowerBuoy(R) Deployment in Monterey Bay 5G at Sea: Innovative Partnership with Naval Postgraduate School Ushers in New Era of Maritime Technology and Connectivity MONROE TOWNSHIP, N.J., Feb. 14, 2024 (GLOBE NEWSWIRE) — Ocean Power Technologies, Inc. (NYSE American: OPTT) (“OPT” or the “Company”), a leader in innovative and cost-effective low-carbon marine power, data, and service solutions, today announced that it has received funding from the Naval Postgraduate School (NPS) in Monterey, California, for the year-long deployment of a PowerBuoy(R) in Monterey Bay. The PowerBuoy(R) , integrating OPT’s Maritime Domain Awareness System (MDAS) along with cutting-edge Satellite communication and AT&T 5G technology, will demonstrate its persistent surveillance and communications capacities in a maritime environment. This deployment marks a significant milestone in maritime technology, showcasing the potential of standalone at-sea infrastructure nodes to support the Joint Force’s diverse operational needs. This project will be

AT&T (NYSE:T) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 02/01/2024 10.56% Citigroup $19 → $20 Maintains Buy 02/01/2024 16.09% JP Morgan $18 → $21 Upgrades Neutral → Overweight 01/31/2024 60.31% Tigress Financial $28 → $29 Maintains Buy 01/31/2024 10.56% Barclays $17 → $20 Maintains Equal-Weight 01/25/2024 32.67% Deutsche Bank $23 → $24 Maintains Buy 01/19/2024 16.09% Oppenheimer → $21 Upgrades Perform → Outperform 12/13/2023 10.56% Wells Fargo $17 → $20 Maintains Overweight 10/23/2023 -0.5% Citigroup $17 → $18 Maintains Buy 10/23/2023 5.03% Morgan Stanley $20 → $19 Maintains Equal-Weight 10/20/2023 2.27% Scotiabank → $18.5 Upgrades Sector Perform → Sector Outperform 10/12/2023 -6.03% JP Morgan $18 → $17 Maintains Neutral 08/29/2023 -6.03% Citigroup → $17 Upgrades Neutral → Buy 08/10/2023 -22.61% RBC Capital $19 → $14 Maintains Sector Perform 08/03/2023 10.56% Morgan Stanley $20 → $20 Reiterates Equal-Weight → Equal-Weight 07/27/2023 10.56%

AT&T Chief Executive John Stankey says in an interview on CNBC that the cable companies and the cell carriers will likely need to consolidate over the next 10 years. AT&T, he says, is focused on growing organically, and he believes it has the fiber assets and the cell towers to stand on its own. Others, though, will need to reorganize their assets to compete in a cable-wireless sector that is increasingly converging. He didn’t name companies, though AT&T’s biggest competitors are Verizon and T-Mobile. The biggest cable competitors are Comcast and Charter.

AT&T (NYSE:T) Stock Analyst Ratings Date Upside/Downside Analyst Firm Price Target Change Rating Change Previous / Current Rating 01/31/2024 12.71% Barclays $17 → $20 Maintains Equal-Weight 01/25/2024 35.25% Deutsche Bank $23 → $24 Maintains Buy 01/19/2024 18.34% Oppenheimer → $21 Upgrades Perform → Outperform 12/13/2023 12.71% Wells Fargo $17 → $20 Maintains Overweight 10/23/2023 1.44% Citigroup $17 → $18 Maintains Buy 10/23/2023 7.07% Morgan Stanley $20 → $19 Maintains Equal-Weight 10/20/2023 4.25% Scotiabank → $18.5 Upgrades Sector Perform → Sector Outperform 10/12/2023 -4.2% JP Morgan $18 → $17 Maintains Neutral 08/29/2023 -4.2% Citigroup → $17 Upgrades Neutral → Buy 08/10/2023 -21.1% RBC Capital $19 → $14 Maintains Sector Perform 08/03/2023 12.71% Morgan Stanley $20 → $20 Reiterates Equal-Weight → Equal-Weight 07/27/2023 12.71% Goldman Sachs $23 → $20 Maintains Buy 07/25/2023 -4.2% Citigroup $16 → $17 Maintains Neutral 07/20/2023 12.71% Wells Fargo $22 → $20 Maintains Overweight 07/17/2023 -9.83% Citigroup $22

While the wireless business is the largest contributor to AT&T’s revenue by far, the fiber internet business is proving to be a potent growth opportunity. Capturing that growth comes at a cost: Building out a fiber network is capital-intensive, requiring vast outlays with no guarantee that consumers and businesses will sign up for service. AT&T operates a vast legacy wireline network that serves consumers and businesses, but that business is in perpetual decline. Even the company’s non-fiber broadband service is slowly eroding as subscribers flee. Wireline service revenue from businesses is dropping particularly quickly, down 11% year over year in the fourth quarter of 2023. AT&T’s fiber internet business is already big enough and growing fast enough to push overall consumer broadband revenue and consumer wireline revenue higher. AT&T expects broadband revenue to rise by at least 7% in 2024, more than twice as fast as wireless service revenue growth.

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%