Morgan Stanley Reiterates “$37.00” Price Target for AT&T (NYSE:T)

AT&T (NYSE:T) has been assigned a $37.00 target price by Morgan Stanley in a research note issued on Tuesday, TipRanks reports. The brokerage presently has a “buy” rating on the technology company’s stock. Morgan Stanley’s price target would suggest a potential downside of 4.49% from the company’s previous close.

Several other analysts have also recently weighed in on T. Barclays boosted their price objective on shares of AT&T from $31.00 to $35.00 and gave the stock an “equal weight” rating in a research note on Tuesday. They noted that the move was a valuation call. Bank of America reaffirmed a “buy” rating and set a $37.00 target price on shares of AT&T in a research report on Monday, June 24th. Raymond James lifted their target price on AT&T from $34.00 to $35.00 and gave the stock an “outperform” rating in a report on Thursday, July 25th. Desjardins reiterated an “average” rating and issued a $55.50 price target on shares of AT&T in a research report on Tuesday, August 6th. Finally, Citigroup increased their price target on AT&T from $37.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and twelve have issued a buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $37.85.

NYSE:T traded up $1.16 during mid-day trading on Tuesday, hitting $38.74. 54,114,068 shares of the company’s stock were exchanged, compared to its average volume of 30,604,633. AT&T has a fifty-two week low of $26.80 and a fifty-two week high of $38.75. The company has a current ratio of 0.71, a quick ratio of 0.71 and a debt-to-equity ratio of 0.81. The firm has a market capitalization of $268.82 billion, a P/E ratio of 11.01, a PEG ratio of 2.33 and a beta of 0.62. The company has a 50 day simple moving average of $34.91 and a 200-day simple moving average of $32.57.

AT&T (NYSE:T) last announced its quarterly earnings results on Wednesday, July 24th. The technology company reported $0.89 earnings per share (EPS) for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.89. The firm had revenue of $44.96 billion during the quarter, compared to analysts’ expectations of $44.97 billion. AT&T had a net margin of 9.47% and a return on equity of 13.38%. The company’s revenue was up 15.3% on a year-over-year basis. During the same period in the prior year, the company posted $0.91 EPS. As a group, analysts expect that AT&T will post 3.57 earnings per share for the current year.

In other AT&T news, CEO John T. Stankey sold 4,024 shares of the company’s stock in a transaction on Tuesday, July 30th. The shares were sold at an average price of $34.15, for a total transaction of $137,419.60. Following the sale, the chief executive officer now owns 2,366 shares of the company’s stock, valued at $80,798.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.07% of the company’s stock.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. River & Mercantile Asset Management LLP bought a new position in shares of AT&T during the 2nd quarter worth about $1,599,000. Princeton Global Asset Management LLC grew its stake in shares of AT&T by 9.9% in the 2nd quarter. Princeton Global Asset Management LLC now owns 35,794 shares of the technology company’s stock valued at $1,199,000 after buying an additional 3,228 shares during the period. Stonehage Fleming Financial Services Holdings Ltd acquired a new stake in shares of AT&T in the 2nd quarter valued at about $152,000. TIG Advisors LLC bought a new stake in AT&T in the 2nd quarter valued at about $6,008,000. Finally, Hancock Whitney Corp increased its position in AT&T by 6.2% in the 2nd quarter. Hancock Whitney Corp now owns 179,198 shares of the technology company’s stock valued at $6,004,000 after buying an additional 10,412 shares in the last quarter. 53.14% of the stock is owned by institutional investors and hedge funds.

AT&T Company Profile

AT&T Inc provides telecommunication, media, and technology services worldwide. The company operates through four segments: Communications, WarnerMedia, Latin America, and Xandr. The Communications segment provides wireless and wireline telecom, video, and broadband and Internet services; video entertainment services using satellite, IP-based, and streaming options; and audio programming services under the AT&T, Cricket, AT&T PREPAID, and DIRECTV brands to residential and business customers.

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Analyst Recommendations for AT&T (NYSE:T)

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