AT&T (NYSE:T) Given New $29.00 Price Target at Wells Fargo & Company

Key Points

• Wells Fargo & Company has lowered AT&T's price target from $31.00 to $29.00, while maintaining an "overweight" rating, suggesting an upside potential of 11.23% from the current price.
• The consensus price target for AT&T among analysts is $30.65, reflecting a mix of ratings with one "Strong Buy," sixteen "Buy," and seven "Hold" ratings.
• In its latest earnings report, AT&T reported a quarterly EPS of $0.54, beating estimates, and a revenue of $30.85 billion, representing a year-over-year growth of 3.4%.

AT&T (NYSE:T - Get Free Report) had its target price decreased by Wells Fargo & Company from $31.00 to $29.00 in a report issued on Thursday,Benzinga reports. The firm presently has an "overweight" rating on the technology company's stock. Wells Fargo & Company's target price suggests a potential upside of 11.23% from the company's current price.

A number of other equities analysts also recently weighed in on T. Morgan Stanley boosted their price target on AT&T from $31.00 to $32.00 and gave the stock an "overweight" rating in a research report on Wednesday, July 16th. Barclays reissued an "equal weight" rating and set a $30.00 price target on shares of AT&T in a research report on Wednesday, October 1st. Weiss Ratings reissued a "buy (b)" rating on shares of AT&T in a research report on Wednesday, October 8th. The Goldman Sachs Group began coverage on AT&T in a research report on Tuesday, September 2nd. They set a "buy" rating and a $32.00 price target on the stock. Finally, Sanford C. Bernstein upped their target price on AT&T from $31.00 to $32.00 and gave the company an "outperform" rating in a research report on Thursday, September 4th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating and seven have given a Hold rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $30.65.

AT&T Price Performance

NYSE:T opened at $26.07 on Thursday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.76 and a current ratio of 0.81. The stock's 50-day simple moving average is $28.34 and its 200 day simple moving average is $27.84. The company has a market cap of $186.43 billion, a P/E ratio of 14.81, a P/E/G ratio of 2.12 and a beta of 0.42. AT&T has a 52-week low of $21.05 and a 52-week high of $29.79.

AT&T (NYSE:T - Get Free Report) last released its earnings results on Wednesday, July 23rd. The technology company reported $0.54 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.53 by $0.01. The business had revenue of $30.85 billion for the quarter, compared to the consensus estimate of $30.44 billion. AT&T had a return on equity of 13.36% and a net margin of 10.29%.AT&T's quarterly revenue was up 3.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.51 earnings per share. As a group, sell-side analysts forecast that AT&T will post 2.14 EPS for the current fiscal year.

Institutional Investors Weigh In On AT&T

A number of large investors have recently added to or reduced their stakes in T. Kingstone Capital Partners Texas LLC acquired a new stake in shares of AT&T in the 2nd quarter valued at $5,266,758,000. Norges Bank acquired a new stake in shares of AT&T in the 2nd quarter valued at $2,228,655,000. Nuveen LLC acquired a new stake in shares of AT&T in the 1st quarter valued at $1,072,128,000. GQG Partners LLC boosted its holdings in shares of AT&T by 17.7% in the 1st quarter. GQG Partners LLC now owns 113,957,259 shares of the technology company's stock valued at $3,222,711,000 after purchasing an additional 17,177,874 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board boosted its holdings in shares of AT&T by 30,527.5% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 11,959,440 shares of the technology company's stock valued at $338,213,000 after acquiring an additional 11,920,392 shares in the last quarter. Institutional investors and hedge funds own 57.10% of the company's stock.

About AT&T

AT&T, Inc is a holding company, which engages in the provision of telecommunications and technology services. It operates through the Communications and Latin America segments. The Communications segment offers wireless, wireline telecom, and broadband services to businesses and consumers located in the US and businesses globally.

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