Wolfe ups AT&T to Outperform, sees ‘very asymmetric range of likely outcomes’

As previously reported, Wolfe Research analyst Peter Supino upgraded AT&T to Outperform from Peer Perform with a $21 price target. At the outset of 2024, the firm had upgraded the Telecom sub-sector and now it argues that it is “time to take T seriously as a long” as it sees “a very asymmetric range of likely outcomes.” Fundamentally, AT&T is “on course” and with a fairly concentrated industry structure, improving capital structures and extremely low valuations, the range of outcomes for AT&T “looks good,” the analyst tells investors.