AT&T (T)

• Market cap: $154B
• Sector: Communication Services
• Industry: Telephone Communications, Except Radiotelephone

About: The wireless business contributes about two thirds of AT&T's revenue. The firm is the third-largest US wireless carrier, connecting 72 million postpaid and 17 million prepaid phone customers. Fixed-line enterprise services, which account for about 16% of revenue, include internet access, private networking, security, voice, and wholesale network capacity. Residential fixed-line services, about 11% of revenue, primarily consist of broadband internet access, serving 14 million customers. AT&T also has a sizable presence in Mexico, with 22 million customers, but this business only accounts for 3% of revenue. The firm still holds a 70% equity stake in satellite television provider DirecTV but does not consolidate this business in its financial statements.

Employees: 160,700

Fund manager confidence

Based on 2024 Q2 SEC filings by fund managers ($100M+ AUM)

66% more call options, than puts

Call options by funds: $1.2B | Put options by funds: $723M

32% more funds holding in top 10

Funds holding in top 10: 37 [Q1] → 49 (+12) [Q2]

11% more capital invested

Capital invested by funds: $73.8B [Q1] → $82B (+$8.16B) [Q2]

1.18% more ownership

Funds ownership: 58.4% [Q1] → 59.58% (+1.18%) [Q2]

1% less funds holding

Funds holding: 2,368 [Q1] → 2,347 (-21) [Q2]

12% less first-time investments, than exits

New positions opened: 153 | Existing positions closed: 174

12% less repeat investments, than reductions

Existing positions increased: 919 | Existing positions reduced: 1,046

Research analyst outlook

11 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $18 16% downside
• Avg. target: $23 6% upside
• High target: $30 40% upside

11 analyst ratings

• positive: 7 64%
• neutral: 4 36%
• negative: 0 0%

Wells Fargo Eric Luebchow 89% 1-year accuracy 33 / 37 met price target	16% upside $25	Overweight Maintained	14 Oct 2024
Tigress Financial Ivan Feinseth 78% 1-year accuracy 52 / 67 met price target	40% upside $30	Buy Maintained	27 Sept 2024
Citigroup Michael Rollins 74% 1-year accuracy 17 / 23 met price target	12% upside $24	Buy Maintained	11 Sept 2024
MoffettNathanson Craig Moffett 0% 1-year accuracy 0 / 1 met price target	16% downside $18	Neutral Maintained	15 Aug 2024
TD Cowen Gregory Williams 80% 1-year accuracy 8 / 10 met price target	7% upside $23	Hold Maintained	25 Jul 2024