Citigroup Increases AT&T (NYSE:T) Price Target to $28.00

AT&T (NYSE:T) had its price target raised by investment analysts at Citigroup from $26.00 to $28.00 in a report issued on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Citigroup’s price target suggests a potential upside of 18.69% from the company’s previous close.

Several other equities research analysts have also issued reports on T. New Street Research raised shares of AT&T from a “neutral” rating to a “buy” rating in a report on Tuesday. Wells Fargo & Company reduced their price target on shares of AT&T from $25.00 to $24.00 and set an “overweight” rating on the stock in a research report on Thursday, October 24th. Moffett Nathanson upped their price target on shares of AT&T from $17.00 to $18.00 and gave the stock a “neutral” rating in a research report on Thursday, August 15th. Barclays upped their target price on shares of AT&T from $24.00 to $27.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Tigress Financial increased their price target on shares of AT&T from $29.00 to $30.00 and gave the company a “buy” rating in a research report on Friday, September 27th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, eleven have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $24.07.

AT&T Stock Performance

NYSE:T traded down $0.15 during trading hours on Wednesday, hitting $23.59. 14,007,685 shares of the company traded hands, compared to its average volume of 35,429,203. The stock has a market capitalization of $169.27 billion, a price-to-earnings ratio of 19.07, a P/E/G ratio of 3.41 and a beta of 0.59. AT&T has a twelve month low of $15.94 and a twelve month high of $24.03. The firm has a 50-day moving average of $22.24 and a 200 day moving average of $20.25. The company has a current ratio of 0.73, a quick ratio of 0.67 and a debt-to-equity ratio of 1.09.

AT&T (NYSE:T) last released its earnings results on Wednesday, October 23rd. The technology company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.57 by $0.03. The firm 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 business’s quarterly revenue was down .5% compared to the same quarter last year. During the same period in the prior year, the company earned $0.64 EPS. On average, analysts forecast that AT&T will post 2.22 EPS for the current year.

Institutional Investors Weigh In On AT&T

A number of hedge funds have recently made changes to their positions in T. Strategic Financial Concepts LLC grew its stake in shares of AT&T by 227.6% during the second quarter. Strategic Financial Concepts LLC now owns 131,813 shares of the technology company’s stock valued at $25,000 after buying an additional 91,578 shares during the last quarter. Legacy Investment Solutions LLC bought a new position in AT&T in the third quarter worth approximately $25,000. Riggs Asset Managment Co. Inc. lifted its holdings in AT&T by 356.5% during the second quarter. Riggs Asset Managment Co. Inc. now owns 1,429 shares of the technology company’s stock worth $27,000 after buying an additional 1,116 shares during the period. Ritter Daniher Financial Advisory LLC DE lifted its holdings in AT&T by 169.2% during the third quarter. Ritter Daniher Financial Advisory LLC DE now owns 1,338 shares of the technology company’s stock worth $29,000 after buying an additional 841 shares during the period. Finally, American Capital Advisory LLC lifted its holdings in AT&T by 107.5% during the second quarter. American Capital Advisory LLC now owns 1,558 shares of the technology company’s stock worth $30,000 after buying an additional 807 shares during the period. 57.10% of the stock is currently owned by hedge funds and other institutional investors.

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.