TD Cowen Issues Positive Forecast for AT&T (NYSE:T) Stock Price

Key Points

• TD Cowen raised its target price for AT&T stock from $32.00 to $33.00, indicating a potential upside of 33.23% from its current price, while maintaining a "hold" rating.
• Multiple analysts have shown optimism, with JPMorgan Chase & Co. and Morgan Stanley also increasing their target prices, reflecting a consensus rating of "Moderate Buy" for the stock.
• Despite a positive forecast, AT&T shares are trading down 3.1%, currently at $24.77, and the company reported quarterly earnings that met expectations but slightly missed revenue forecasts.

AT&T (NYSE:T - Get Free Report) had its target price lifted by investment analysts at TD Cowen from $32.00 to $33.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a "hold" rating on the technology company's stock. TD Cowen's price objective points to a potential upside of 33.23% from the company's current price.

A number of other analysts have also recently commented on T. JPMorgan Chase & Co. boosted their target price on shares of AT&T from $31.00 to $33.00 and gave the company an "overweight" rating in a report on Thursday, July 24th. Cowen restated a "hold" rating on shares of AT&T in a report on Thursday. Bank of America initiated coverage on shares of AT&T in a report on Monday, July 7th. They set a "buy" rating and a $32.00 target price on the stock. Morgan Stanley boosted their target price on shares of AT&T from $31.00 to $32.00 and gave the company an "overweight" rating in a report on Wednesday, July 16th. Finally, UBS Group set a $33.00 price target on shares of AT&T in a research note on Thursday, September 18th. One research analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating and eight have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $30.67.

AT&T Trading Down 3.1%

Shares of NYSE T traded down $0.78 during mid-day trading on Thursday, hitting $24.77. The stock had a trading volume of 28,619,501 shares, compared to its average volume of 37,275,402. The firm has a market cap of $177.11 billion, a P/E ratio of 14.03, a price-to-earnings-growth ratio of 2.11 and a beta of 0.42. The business has a 50 day moving average price of $28.12 and a two-hundred day moving average price of $27.77. AT&T has a 1 year low of $21.38 and a 1 year high of $29.79. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.76 and a current ratio of 0.81.

AT&T (NYSE:T - Get Free Report) last released its quarterly earnings results on Wednesday, October 22nd. The technology company reported $0.54 earnings per share for the quarter, meeting the consensus estimate of $0.54. AT&T had a net margin of 10.29% and a return on equity of 13.36%. The business had revenue of $30.71 billion for the quarter, compared to analysts' expectations of $30.85 billion. During the same quarter in the previous year, the business posted $0.60 earnings per share. The firm's revenue for the quarter was up 1.7% compared to the same quarter last year. On average, equities analysts anticipate that AT&T will post 2.14 EPS for the current fiscal year.

Institutional Investors Weigh In On AT&T

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Front Row Advisors LLC bought a new position in AT&T in the 2nd quarter worth approximately $25,000. Stone House Investment Management LLC purchased a new stake in AT&T in the first quarter worth $25,000. O Brien Wealth Partners LLC purchased a new stake in AT&T in the second quarter worth $26,000. Solstein Capital LLC grew its position in shares of AT&T by 217.3% during the 2nd quarter. Solstein Capital LLC now owns 952 shares of the technology company's stock worth $28,000 after buying an additional 652 shares in the last quarter. Finally, Kennebec Savings Bank grew its position in shares of AT&T by 412.1% during the 2nd quarter. Kennebec Savings Bank now owns 973 shares of the technology company's stock worth $28,000 after buying an additional 783 shares in the last quarter. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.