In a remarkable display of resilience, AT&T (NYSE:T) stock has soared to a 52-week high, reaching a price level of $23.46. This peak comes as a testament to the company's robust performance over the past year, which has seen the stock price surge by an impressive 36.25%. Investors have shown increased confidence in AT&T's strategic direction and execution, propelling the stock to new heights and reflecting a significant turnaround from any previous lows. The telecommunications giant's ability to adapt and thrive in a competitive market landscape has evidently paid off, as evidenced by the stock's strong year-over-year gains.
In other recent news, AT&T has been actively expanding its operations and making significant strides in the telecom industry. The company has recently purchased spectrum assets from UScellular for $1.018 billion, a move that is expected to benefit AT&T subscribers nationwide. In addition, AT&T has signed a multi-year agreement worth over $1 billion with Corning (NYSE:GLW) to purchase fiber, cable, and connectivity solutions to expand its high-speed internet offerings.
Morgan Stanley (NYSE:MS) has reiterated its equal-weight rating on AT&T, anticipating the company's new buyback program and an expanded fiber build program. The firm also expects AT&T to maintain leverage at around the 2.5x net debt to adjusted EBITDA range over time, aiming to reach their net debt to adjusted EBITDA target of 2.5x by the first half of 2025.
Furthermore, AT&T's third-quarter 2024 earnings report showed total revenues of $29 billion and an increase in capital expenditures to $5.3 billion. The company added 403,000 postpaid phone subscribers and experienced a 6% EBITDA growth in its Mobility segment. In response to these figures, analyst firms TD Cowen and Oppenheimer have adjusted their price targets for AT&T. TD Cowen raised its target to $26.00, maintaining a Hold rating on the stock, while Oppenheimer raised its price target to $24, maintaining an Outperform rating.
These developments reflect the ongoing activities and strategies of AT&T, which continue to shape the company's presence in the telecom industry. It's important to note that these are recent developments and investors should keep an eye on AT&T's future actions and performance.
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