AT&T's Optimistic Wireless and Broadband Trends Show Growth, Analyst Upgrades Stock
Portfolio Pulse from Anusuya Lahiri
AT&T reported Q3 FY23 revenues of $30.35 billion, up 1% YoY, beating the consensus of $28.69 billion. Scotiabank analyst Jeff Fan upgraded AT&T from Sector Perform to Sector Outperform with an $18.5 price target. Fan expects AT&T's FCF to improve in 2024, supported by low capital intensity, improving operating earnings, and reduced working capital usage. The company saw the highest levels of Apple iPhone pre-orders in many years while reporting low postpaid phone churn of 0.79%. AT&T also gained 15k broadband customers in Q3.
October 20, 2023 | 3:36 pm
News sentiment analysis
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POSITIVE IMPACT
AT&T reported the highest levels of Apple iPhone pre-orders in many years. This could indicate strong demand for Apple's products, which could positively impact the company's stock.
The high levels of Apple iPhone pre-orders reported by AT&T could indicate strong demand for Apple's products. This could boost investor confidence in Apple and drive the company's stock price up.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
POSITIVE IMPACT
AT&T's Q3 FY23 revenues beat consensus, leading to an upgrade from Scotiabank. The company's focus on reducing FCF volatility, optimistic wireless and broadband trends, and high levels of Apple iPhone pre-orders could positively impact the stock.
AT&T's better-than-expected Q3 FY23 revenues and the upgrade from Scotiabank could boost investor confidence and drive the stock price up. The company's focus on reducing FCF volatility and its optimistic wireless and broadband trends could also positively impact the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100