Street Fades Citigroup Upgrade Of AT&T

em>Joel Elconin is the co-host of

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AT&T

shares are trading higher by $0.30 at $32.62 in Wednesday's session. The catalyst for the rally is an upgrade from Neutral to Buy at Citigroup. The firm's cites the current weakness in its share price as a buying opportunity.along with prospect of an increased dividend. The issue is attempting to recover from its steep decline from its June 25 high ($36.45) down to its recent low last Monday at $30.97. At this time, the Street has faded the upgrade as AT&T made its high for the session off the open at $32.97. Since making that high it has drifted lower and has found intraday support at $32.50 but has not been able to distance itself from that level.