AT&T price target raised to $26 from $24 at Deutsche Bank

Deutsche Bank analyst Bryan Kraft raised the firm’s price target on AT&T to $26 from $24 and keeps a Buy rating on the shares. The analyst updated the company’s model to incorporate some minor tweaks to 2024 estimates, higher upgrade rates and industry switching activity beginning in Q4 due to generative artificial intelligence integration into iOS18 this fall, and increased dree cash flow estimates. AT&T remains the firm’s top pick in cable and telecom given the company’s “strong positioning for fixed-mobile convergence, healthy industry dynamics in wireless and home broadband, strong growth outlook for AT&T’s fiber broadband business, additional margin expansion opportunity.”