AT&T (T) Price Target Trimmed to $29

AT&T Inc. (NYSE:T) is included among the 7 Best Fortune 500 Dividend Stocks to Invest in Now.

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AT&T Inc. (NYSE:T) operates as a major US telecommunications provider, connecting consumers and businesses through its national network. Its services span mobile wireless, including 5G and 4G, fiber and broadband internet, enterprise communications, and entertainment offerings.

On December 22, Citi lowered its price target on AT&T Inc. (NYSE:T) to $29 from $32 and kept a ‘Buy’ rating on the stock. The firm expects the company to post ‘solid’ Q4 results and stay on track with its fiscal 2025 outlook. At the same time, Citi adjusted its valuation multiple, pointing to a more challenging wireless operating backdrop and the recent pullback across the sector.

Earlier in the month, on December 4, the Federal Communications Commission said it approved AT&T’s $1.02 billion purchase of certain wireless spectrum licenses from UScellular. The approval came after AT&T Inc. (NYSE:T) committed to ending its diversity, equity, and inclusion programs. The FCC noted that the transaction would lead to ‘enhancing AT&T’s network coverage, capacity, and performance, resulting in a better customer experience’.

The FCC has required telecom companies to end DEI programs as a condition for deal approvals since Donald Trump returned to office in January. AT&T had already agreed to wind down these initiatives as it worked to secure approval for the spectrum acquisition.

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