AT&T (T) PT Raised to $26 at TD Cowen

TD Cowen analyst Gregory Williams raised the price target on AT&T (NYSE: T) to $26.00 (from $23.00) while maintaining a Hold rating.

The analyst commented, "T posted in-line 3Q24 results, highlighted by an equipment rev miss on lower upgrades, a slight phone adds miss, an ARPU beat, lower fiber adds, solid FCF, and lowered Biz Wireline guide. 2025 FCF growth may be a challenge without the DTV stream, but does improve FCF visibility. Mgmt. remains bullish on convergence as now VZ validates the strategy. We favor VZ for a more attractive dividend yield."

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