Watch for Continued Gains in Shares of AT&T Inc. (T)

AT&T Inc. (NYSE:T) traded today at a new 52-week high of $33.88. Approximately 83.5 million shares have changed hands today, as compared to an average 30-day volume of 36.3 million shares.

Wireless is AT&T’s largest business, contributing about 40% of revenue. The firm is the third- largest U.S. wireless carrier, connecting 64 million postpaid and 17 million prepaid phone customers. WarnerMedia contributes a bit less than 20% of revenue with media assets that include HBO, the Turner cable networks, and the Warner Brothers studios. Fixed-line business communications services, provided to a wide range of entities, provide about 15% of revenue. The consumer broadband segment (about 7% of revenue) primarily provides broadband service to 15 million households. The firm recently sold a stake in its traditional television business, which serves 17 million customers and generates about 17% of sales. This business will be removed from AT&T’s financials going forward.

There is potential upside of 118.2% for shares of AT&T Inc. based on a current price of $32.59 and an average consensus analyst price target of $71.10.

In the past 52 weeks, AT&T Inc. share prices are bracketed by a low of $26.35 and a high of $33.88 and is now at $32.59, 24% above that low price.

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