AT&T (NYSE:T) shares are on the rise today after the communications services and products provider announced second-quarter numbers with revenue inching up 0.9% year-over-year to $29.9 billion. EPS at $0.63 landed ahead of expectations by $0.03.
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During the quarter, the company saw gains across Mobility service and Broadband with increasing customer lifetime values. It saw 326,000 postpaid phone net additions, 251,000 Fiber net additions, and crossed five million FirstNet connections.
The company is aiming to cover 200 million people under its 5G network by the end of 2023 and surpass 30 million fiber locations by the end of 2025. Moreover, after clocking $6+ billion in cost savings so far, it is now gunning for an extra $2 billion in savings over the next three years.
Looking ahead, for full-year 2023, AT&T expects to generate $16 billion or higher in free cash flow and increase its adjusted EBITDA by 3%+.
Overall, the Street has a $21 consensus price target on AT&T alongside a Moderate Buy consensus rating. This points to a hefty 41.9% potential upside in the stock.
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