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With the strain of the Time Warner trial now behind it, AT&T Inc. (NYSE:T) is back in favor with some Street analysts.
The Rating
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Bank of America Merrill Lynch's David Barden and three other analysts upgraded AT&T from Neutral to Buy and maintained a $37 price target.
The Thesis
From the start, AT&T appears attractive with its price-to-earnings multiple at a 20-year low, the Time Warner merger driving cash and earnings accretion, wireless business trends exceeding expectations and “positive call optionality” from the union of AT&T’s distribution network with Time Warner’s content and advertising inventory, Barden said in the Monday note. (See the analyst's track record here.)
The analyst previously based a Neutral rating on waning hope for corporate tax reform, expected flowback from the Time Warner merger, and rising competitive pressure.
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“Fast forward to today and the landscape has dramatically changed,” Barden said. “Corporate tax reform has passed, deal flowback appears behind us, and Sprint Corp (NYSE:S) and T-Mobile Us Inc (NASDAQ:TMUS) are more focused on cash flow generation than price and market share.”
Bank of America expects AT&T’s first post-merger results to demonstrate positive wireless momentum, margin improvement in the entertainment segment and seasonal strength in Warner Media.
Price Action
AT&T shares were up 1.74 percent at $31.62 off the open Monday.
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Photo courtesy of AT&T.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.