AT&T upgraded to Buy at New Street after better-than-expected guidance

As previously reported, New Street upgraded AT&T to Buy from Neutral with a $32.50 price target The firm says it was “surprisingly close to the mark on most things” when it had anticipated AT&T’s guidance and strategic focus in a report published last week, adding that the guidance is generally better than expected “where we were off.” The firm, which says it wishes it had upgraded the stock in April when it became clear that the company had charted a new course, says the guidance and the articulation of the strategy “confirm that AT&T is continuing that course, and perhaps at a slightly faster clip than we anticipated.”