The Goldman Sachs Group Forecasts Strong Price Appreciation for AT&T (NYSE:T) Stock

AT&T (NYSE:T) had its price target increased by equities research analysts at The Goldman Sachs Group from $25.00 to $28.00 in a research note issued on Thursday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 17.25% from the stock’s previous close.

A number of other equities analysts have also weighed in on the stock. Oppenheimer boosted their price objective on shares of AT&T from $24.00 to $27.00 and gave the company an “outperform” rating in a research report on Wednesday. Barclays boosted their price target on AT&T from $24.00 to $27.00 and gave the company an “overweight” rating in a report on Wednesday. Wells Fargo & Company lowered their price objective on AT&T from $25.00 to $24.00 and set an “overweight” rating for the company in a research report on Thursday, October 24th. Citigroup increased their target price on AT&T from $26.00 to $28.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Redburn Atlantic raised AT&T to a “strong sell” rating in a research note on Monday, September 16th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $24.73.

AT&T Stock Up 0.2 %

T opened at $23.88 on Thursday. AT&T has a one year low of $15.94 and a one year high of $24.03. The company has a market cap of $171.35 billion, a price-to-earnings ratio of 19.41, a PEG ratio of 3.56 and a beta of 0.59. The business’s fifty day moving average is $22.32 and its two-hundred day moving average is $20.30. The company has a debt-to-equity ratio of 1.09, a quick ratio of 0.67 and a current ratio of 0.73.

AT&T (NYSE:T) last announced its earnings results on Wednesday, October 23rd. The technology company reported $0.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.03. The company had revenue of $30.20 billion during the quarter, compared to analysts’ expectations of $30.50 billion. AT&T had a net margin of 7.42% and a return on equity of 13.97%. The firm’s quarterly revenue was down .5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 earnings per share. Analysts anticipate that AT&T will post 2.22 EPS for the current fiscal year.

Institutional Investors Weigh In On AT&T

Hedge funds and other institutional investors have recently modified their holdings of the stock. Inspire Trust Co. N.A. increased its holdings in shares of AT&T by 19.7% in the 3rd quarter. Inspire Trust Co. N.A. now owns 140,000 shares of the technology company’s stock valued at $3,080,000 after acquiring an additional 23,000 shares during the last quarter. Franklin Resources Inc. boosted its holdings in AT&T by 41.4% in the third quarter. Franklin Resources Inc. now owns 7,947,913 shares of the technology company’s stock worth $168,969,000 after purchasing an additional 2,326,904 shares during the period. Tidal Investments LLC boosted its holdings in AT&T by 1.7% in the third quarter. Tidal Investments LLC now owns 640,725 shares of the technology company’s stock worth $14,096,000 after purchasing an additional 10,954 shares during the period. Destination Wealth Management bought a new stake in AT&T during the third quarter valued at $240,000. Finally, Wilmington Savings Fund Society FSB raised its holdings in shares of AT&T by 386.1% during the third quarter. Wilmington Savings Fund Society FSB now owns 266,565 shares of the technology company’s stock worth $5,864,000 after purchasing an additional 211,723 shares during the period. Institutional investors own 57.10% of the company’s stock.

AT&T Company Profile

AT&T Inc provides telecommunications and technology services worldwide. The company operates through two segments, Communications and Latin America. The Communications segment offers wireless voice and data communications services; and sells handsets, wireless data cards, wireless computing devices, carrying cases/protective covers, and wireless chargers through its own company-owned stores, agents, and third-party retail stores.