AT&T Inc. (T) has announced that it will be rolling out its new 5G network nationwide for its consumer and business customers.
The telecom giant stated that more than 205 million consumers in 395 coverage markets across the U.S. will be able to use the high-speed 5G network at no additional cost starting August 7. It will also be available to business customers on the same day.
AT&T Communications CEO Jeff McElfresh said, “With AT&T 5G reaching nationwide, our network is beginning the journey to transform connectivity as we know it by setting a new bar of breathtaking experiences and improved efficiency. Businesses, developers, and consumers are already tapping into 5G’s potential, and we’re thrilled for customers across the U.S. to experience it for themselves.”
Meanwhile, AT&T reported its second-quarter earnings, with earnings per share of $0.83 on revenue of $41 billion. The results reflected 171.4 million wireless subscribers, up from the 158.6 million customers it reported in the previous year’s quarter.
AT&T’s HBO Max division boasted 4 million customers since launching in May, while HBO and HBO Max added up to a combined 36.3 million subscribers by the end of June, a 5% increase from the end of last year.
Oppenheimer analyst Timothy Horan said on July 23, “We think that the company can control expenses across the board to maintain its attractive 7% dividend and that this is likely the bottom on revenue declines.” He reiterated a Buy rating on the stock and a price target of $38, which implies 27% upside potential.
AT&T’s stock is down 23% year-to-date with a Strong Buy analyst consensus that breaks down into 6 Buy ratings versus 1 Hold rating and 2 Sell ratings. The $35.38 average price target suggests 18% upside potential for the shares in the coming 12 months. (See AT&T’s stock analysis on TipRanks).
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