Morgan Stanley has adjusted its price target for AT&T (T), raising it from $28 to $30 while maintaining an Overweight rating on the stock. This adjustment reflects the firm's confidence in AT&T's prospects, despite quarterly variations influenced by competitive pressures in the U.S. wireless segment.
The firm highlighted that while fourth-quarter net additions for U.S. wireless outpaced expectations, the first quarter might see some reversal. Nevertheless, these shifts are considered part of a broader trend indicative of a robust industry environment that supports steady earnings growth.
AT&T continues to be Morgan Stanley's "Top Pick" within its coverage universe, with the expectation of accelerated growth in the coming years. Alongside the updated price target, the firm has also slightly increased its long-term financial projections for AT&T.
