Barclays Upgrades AT&T to Overweight; Sees 26 Percent Upside

By Benzinga
December 21, 2021 Updated: December 21, 2021

Barclays analyst Kannan Venkateshwar upgraded AT&T Inc. from Equal-Weight to Overweight and a $30 price target. The price target implies an upside of 26.2 percent.

Venkateshwar cited valuation and Warner deal benefits behind the re-rating.

Wireless is AT&T’s most prominent business, contributing about 40 percent of revenue.

AT&T is the third-largest U.S. wireless carrier, connecting 66 million postpaid and 17 million prepaid phone customers.

WarnerMedia contributes ~20 percent of revenue with media assets that include HBO, the Turner cable networks, and the Warner Brothers studios.

AT&T aims to spin Warner off and merge it with Discovery Inc. to create a new stand-alone media firm. The company recently stated regulatory review process is proceeding as expected regarding the pending WarnerMedia-Discovery transaction.

By Anusuya Lahiri 

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