AT&T (NYSE:T) Coverage Initiated at The Goldman Sachs Group

Key Points

• Goldman Sachs has restated its "buy" rating for AT&T, assigning a price target of $32.00, indicating a potential 9.26% upside from the stock's previous close.
• While Goldman Sachs maintains a positive outlook, other analysts, including HSBC and Morgan Stanley, have made varying adjustments to their ratings and price targets on AT&T shares.
• Recently, AT&T reported earnings of $0.54 per share, surpassing analyst expectations, with revenue reaching $30.85 billion, a year-over-year increase of 3.4%.

Research analysts at The Goldman Sachs Group initiated coverage on shares of AT&T (NYSE:T - Get Free Report) in a research note issued to investors on Tuesday, MarketBeat.com reports. The firm set a "buy" rating and a $32.00 price target on the technology company's stock. The Goldman Sachs Group's target price indicates a potential upside of 8.97% from the company's current price.

A number of other equities research analysts also recently weighed in on the company. Hsbc Global Res downgraded AT&T from a "strong-buy" rating to a "hold" rating in a report on Thursday, July 24th. Morgan Stanley raised their target price on shares of AT&T from $31.00 to $32.00 and gave the company an "overweight" rating in a research note on Wednesday, July 16th. Bank of America assumed coverage on shares of AT&T in a research note on Monday, July 7th. They set a "buy" rating and a $32.00 price objective on the stock. Scotiabank boosted their price objective on AT&T from $29.50 to $30.00 and gave the stock a "sector outperform" rating in a research note on Friday, July 11th. Finally, UBS Group reiterated a "buy" rating and issued a $31.00 price target (up previously from $30.00) on shares of AT&T in a research report on Wednesday, June 18th. One equities research analyst has rated the stock with a Strong Buy rating, seventeen have assigned a Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, AT&T presently has a consensus rating of "Moderate Buy" and an average target price of $30.40.

AT&T Stock Up 0.3%

T stock traded up $0.08 during midday trading on Tuesday, hitting $29.37. 3,304,537 shares of the company's stock were exchanged, compared to its average volume of 36,734,219. The company has a current ratio of 0.81, a quick ratio of 0.76 and a debt-to-equity ratio of 1.01. AT&T has a 12-month low of $19.92 and a 12-month high of $29.65. The firm has a 50 day moving average price of $28.13 and a 200-day moving average price of $27.56. The stock has a market capitalization of $209.99 billion, a price-to-earnings ratio of 16.68, a price-to-earnings-growth ratio of 3.62 and a beta of 0.44.

AT&T (NYSE:T - Get Free Report) last posted its quarterly earnings data on Wednesday, July 23rd. The technology company reported $0.54 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.53 by $0.01. AT&T had a return on equity of 13.36% and a net margin of 10.29%.The company had revenue of $30.85 billion for the quarter, compared to the consensus estimate of $30.44 billion. During the same period in the previous year, the business earned $0.51 EPS. AT&T's revenue for the quarter was up 3.4% compared to the same quarter last year. On average, analysts anticipate that AT&T will post 2.14 EPS for the current year.

Institutional Investors Weigh In On AT&T

Hedge funds have recently modified their holdings of the company. Capstone Wealth Management LLC purchased a new stake in shares of AT&T in the first quarter valued at about $201,000. DigitalBridge Group Inc. boosted its stake in AT&T by 14.6% during the fourth quarter. DigitalBridge Group Inc. now owns 2,865,814 shares of the technology company's stock worth $65,255,000 after buying an additional 365,776 shares during the period. Wedmont Private Capital boosted its stake in AT&T by 7.9% during the first quarter. Wedmont Private Capital now owns 123,247 shares of the technology company's stock worth $3,302,000 after buying an additional 9,027 shares during the period. Xponance Inc. boosted its stake in AT&T by 10.2% during the first quarter. Xponance Inc. now owns 1,109,933 shares of the technology company's stock worth $31,389,000 after buying an additional 102,419 shares during the period. Finally, NBT Bank N A NY boosted its stake in AT&T by 7.5% during the first quarter. NBT Bank N A NY now owns 129,428 shares of the technology company's stock worth $3,660,000 after buying an additional 8,989 shares during the period. Hedge funds and other institutional investors own 57.10% of the company's stock.

AT&T Company Profile

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.