AT&T has extended temporary relief to its prepaid and wireless customers, in Tennessee and other US states after an explosion in Nashville disrupted services over the Christmas holiday.
AT&T (T) announced, “We will be waiving data overage charges for customers in 1166 zip codes across states like Tennessee, Kentucky, Indiana, Alabama, Georgia, Illinois and Missouri from December 27 to December 31.”
Besides, it made significant progress in restoring its services in the area. The company said “As of now, 96% of our wireless network is restored, 60% of our business services are restored, and 86% of our consumer broadband and entertainment services are restored. It is our goal to restore all service late today.”
Earlier this month, AT&T’s WarnerMedia business agreed to sell its Crunchyroll animation business to Sony’s Funimation Global Group for $1.175 billion in cash. (See T stock analysis on TipRanks).
Meanwhile, on Dec. 22, J.P. Morgan analyst Philip Cusick maintained a Hold rating and a price target of $34 (18.4% upside potential) on the stock. The analyst remains “wary” on AT&T stock despite a “stable” dividend. He is “increasingly bullish” on the company’s broadband growth over the next five years but believes that AT&T needs to double its fiber footprint level for the next five years to maintain current broadband subscriber numbers.
Overall, the Street is sidelined on the stock. The Hold analyst consensus is based on 7 Holds, 7 Buys and 3 Sells. The average price target stands at $31 and implies upside potential of about 7.9% to current levels. Shares have declined 26.6% year-to-date.
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