This 147-year-old company that's been trailing the market is ready for big upside, some analysts say

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AT&T Inc News

Markets,Investment Strategy,Wells Fargo & Co

This telecommunications company is poised for long-term growth thanks to its robust wireless business, analysts say.

Despite AT & T 's stock trailing the overall market, analysts from JPMorgan and Wells Fargo think the storied company is well positioned for long-term growth. "e see AT & T's current valuation as attractive given the company's growth profile, cost cutting efforts, stable wireless trends, and ramping consumer fiber business," JPMorgan analyst Sebastiano Petti wrote in a recent note.

Part of the AT & T's lackluster performance in 2024 can be attributed to a data leak earlier this year that saw millions of customers' info published on the dark web. Still, the event didn't cause any changes to its financial outlook. In April, the company surpassed Wall Street's first-quarter earnings estimates, but slightly undershot revenue forecasts, according to FactSet. AT & T reiterated its full-year forecast, which calls for adjusted earnings of between $2.

 

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