Argus analyst Joseph Bonner upgraded AT&T to Buy from Hold with a $24 price target. The company’s Mobility business is driving its overall results while validating the management’s strategic realignment away from entertainment assets and toward core wireless and fiber broadband expansion strategy, the analyst tells investors in a research note. Telecoms have been traditionally perceived as safe havens in turbulent economic times, but AT&T is also benefiting from its focused debt reduction and refinancing in the last few years, which has made it more resilient in the current macro environment, Bonner adds.
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