AT&T upgraded to Overweight from Neutral at JPMorgan

JPMorgan upgraded AT&T to Overweight from Neutral with a price target of $21, up from $18. The company has been able to show consistent execution in its wireless and broadband businesses and faces solid long-term growth for both segments, especially in broadband with its ongoing fiber build along with incremental opportunities in and out of existing markets, the analyst tells investors in a research note. The firm says AT&T is through its elevated capital investment spend for 5G and should see steady free cash flow generation to support dividend payments and reduce debt. JPMorgan views AT&T’s valuation as attractive at current share levels.