AT&T $T stock got too cheap for an institutional investor who made an unusually large dark pool trade in the stock on October 20, 2022.
Unusual Dark Pool Trade In AT&T Stock
The unusually dark pool trade in AT&T stock on October 20, 2022, was probably a buy order because of how $T stock rose following the print.
AT&T upgraded at Raymond James
On October 24, 2022, Raymond James analyst Frank Louthan changed his rating on AT&T from Outperform to Strong Buy and kept his price target of $24 the same. Louthan believes AT&T will outpace Verizon over the next few months based on the current operating performance of the two businesses. He adds that he expects the gap between the two companies to continue to widen throughout 2018. Louthan does not expect weakness in the fundamentals of telecom businesses, he says, and telecom stocks may not be the most defensive, but they are safe.
AT&T price target raised at Barclays
On October 24, 2022, Barclays analyst Kannan Venkateshwar raised the firm’s price target on AT&T to $19 from $18, leaving the stock with an Equal Weight rating. Venkateshwar told investors that while AT&T has outperformed Verizon this year, the gap could widen soon. While additions to Verizon’s postpaid phone network were in line with expectations entering the quarter and in line with the company’s guidance, three-quarters of consumers remain in an industry where overall growth is reaching record levels.
AT&T price target raised at Deutsche Bank
On October 21, 2022, Deutsche Bank analyst Bryan Kraft raised his price target on AT&T to $23 from $22 and maintained a Buy rating on the stock. The analyst said third-quarter results were stronger than expected in nearly every area of AT&T’s business. The quarter showed that management did what it said it would do and met or exceeded most of its targets. Business performance is better, Kraft said in a research note to investors.
AT&T Third-Quarter Results
On October 20, 2022, AT&T reported Q3 2022 results. AT&T beat on both EPS and revenue. AT&T reported Q3 adjusted EPS of 68c versus the consensus estimate of 61c. The company reported Q3 revenue of $30B versus the consensus estimate of $29.84B.
“We’re investing at record levels to enhance our 5G and fiber connectivity and to deliver the best experience available in the market,” said John Stankey, AT&T CEO. “Our results show our strategy is resonating with customers as we continue to see robust levels of postpaid phone net adds and approach 1 million AT&T Fiber net adds for the year.
“Our disciplined go-to-market approach is helping drive healthy subscriber growth with high-quality customers. As a result, we now expect to achieve wireless service revenue growth in the upper end of the 4.5 percent to 5 percent range. We remain confident in our ability to achieve, or surpass, all our financial commitments for the year, while still investing to bring our customers the industry’s best services.”
AT&T $T Stock Technical Analysis
AT&T $T stock is in a technical downtrend. The stock has formed a downtrend channel breakout chart pattern. Tough resistance lies ahead for $T stock all the way up to $21.55.