AT&T

T · NYSE

$23.42+$0.22 (+0.95%)TodayMarket closed · Oct 20, 7:59 PM ET

Prev close $23.20

T analyst rating

BuyConsensus of 17 analysts over the last 12 months. 65% rate it a buy.

Strong buy0
Buy11
Hold5
Underperform1
Sell0

12-month price target · 29 analysts

Average $29.16 (+24.5% upside)

Low: $20.20
Now: $23.42
High: $37.80

Upgrades and downgrades

The latest rating actions, newest first

T analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Scotiabank	Oct 9, 2026	Maintains	Sector Perform	$27.50 → $26.50	53%
Scotiabank	Oct 2, 2026	Maintains	Sector Perform	$29.25 → $27.50	53%
Morgan Stanley	Sep 28, 2026	Maintains	Overweight	$27.00 → $28.00	62%
BNP Paribas	Sep 21, 2026	Upgrade	Neutral → Outperform	$26.00 → $30.00	67%
Wolfe Research	Jul 23, 2026	Upgrade	Peer Perform → Outperform	$29.00	61%
Morgan Stanley	Jul 23, 2026	Maintains	Overweight	$25.00 → $27.00	62%
TD Cowen	Jul 23, 2026	Maintains	Hold	$32.00 → $33.00	22%
RBC Capital	Jul 23, 2026	Maintains	Outperform	$27.00	39%
Argus Research	Jul 23, 2026	Maintains	Buy	$33.00 → $30.00	47%
Wells Fargo	Jul 23, 2026	Maintains	Underweight	$18.00 → $20.00	54%

The case for and against

Updated Oct 14, 2026

Bull case

AT&T is supported by a stronger core wireless franchise, where 2Q26 postpaid net adds of 432K, churn of 0.86%, and postpaid phone ARPU growth of 1.7% show effective base management and pricing power despite competitive pressure. Its growth mix is improving through convergence, with fiber-plus-wireless households, expanding business services, and a broader connectivity strategy that should benefit from the FCC-approved $23B EchoStar spectrum sale and the company’s push into dense fiber infrastructure. The outlook is further reinforced by management’s confidence in free cash flow, highlighted by a $10B 2026 buyback target and the ability to cut about $6B of costs through legacy network decommissioning.

Bear case

AT&T is facing a challenging fundamental setup because its core wireless business, while still roughly 70% of revenue, must compete against cable and other wireless rivals while also funding heavy network investment and legacy copper retirements. Although broadband/convergence adds were solid, fiber ARPU fell 1.3% to $72.29 and management is leaning on discounts to drive a converged base that is only 42.5% of customers, which pressures near-term monetization and margins. Regulatory uncertainty, higher capex and opex tied to new technology deployments, and the faster decline in legacy copper revenue than expenses could delay cost savings and keep valuation under pressure.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.