Double Upgrade Lifts AT&T Towards Highest Level In A Year

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show. AT&T Inc. T shares were trading higher by $1.08 (3 percent) at $36.12 in Tuesday's session. The company received a pair of upgrades by two Wall Street firms before today's open. UBS analyst John C. Hodulik upgraded the rating from Neutral to Buy, while raising the price target from $34 to $42. Barclays upgraded the issue to Overweight as the firm noted "multiple levers" that will provide the catalyst for higher prices. In rare fashion, the issue opened sharply higher ($35.57 vs. Monday's close of $35.04), retreated only $0.06 and continued its move higher. So far, it has cleared $36, reaching $36.23. That level coincides with its July 31, 2014, high at $36.21. Today's rally is taking place on heavier than average volume. With over three hours remaining in the session, it has traded 39.3 million shares compared with its 20-day average of 31 million shares.