Wolfe Research Upgrades AT&T Stock Amid Strong Earnings
On July 24, 2026, Wolfe Research upgraded AT&T (T) stock to 'Outperform' with a new price target of $29. Analyst Peter Supino cited the company's strong Q2 earnings and improving subscriber trends as key factors behind the upgrade. He noted that AT&T’s forward earnings multiple is undervalued relative to its fundamentals, including fiber adoption growth and cost discipline. Supino also highlighted AT&T's ability to maintain a low churn rate of 0.86% despite recent price increases, signaling confidence in customer retention strategies. Additionally, the stock offers an attractive dividend yield of 4.85%, making it appealing for long-term investors. The firm raised its 2026 adjusted EBITDA forecast above $48 billion and expects increased share repurchases up to $10 billion this year. CEO John Stankey expressed confidence in AT&T's competitive position, including against emerging satellite-based rivals like SpaceX’s Starlink. Wall Street analysts broadly agree with the positive outlook, as Barchart reports a 'Moderate Buy' consensus rating for T stock.
Topics: AT&T price target increase stock upgrade Wolfe Research