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Today's Exclusive Content
Former Dividend Aristocrat AT&T Posts Strong Earnings, Tries to Win Back InvestorsBy Jessica Mitacek. Publication Date: 4/24/2026. 
Key Points
- AT&T outperformed analyst expectations with an 11% year-over-year increase in adjusted EPS and record results in fixed broadband and fiber net adds.
- The company is aggressively expanding its fiber footprint through the acquisition of Lumen Technologies’ fiber business and is poised to offer direct-to-device satellite broadband via a partnership with AST SpaceMobile.
- Wall Street is turning increasingly bullish, evidenced by rising price targets, zero Sell ratings, and significant institutional buying.
- Special Report: Nobody Understands Why Trump Is Invading Iran (here’s the answer)
It’s not often that a 141-year-old company generates excitement. But after AT&T (NYSE: T) reported Q1 2026 earnings on April 22, the market responded positively. After an initial sell-off in the lead-up to its earnings call, the stock gained nearly 3% on April 23 as investors cheered a Q1 acquisition, management’s reiteration of guidance following record fixed broadband results, and a nearly 11% year-over-year increase in adjusted earnings per share (EPS).
The communication services fixture now appears to be back in favor with Wall Street, as rising price targets and increased institutional buying signal renewed bullish momentum. For income investors or those hunting for value in telecommunications, here’s what you need to know. After a Troubling Run, The Tide Is ShiftingShares of T have gained nearly 16% from their year-to-date low, a welcome reprieve for shareholders who suffered a more than 22% drop from the stock’s one-year high in Sept. 2025. Despite only one earnings miss in the past nine quarters, AT&T entered 2026 essentially flat over the past five years. During that period, the company lost its status as a Dividend Aristocrat in February 2022 after spinning off its WarnerMedia division. That wasn’t welcome news for income investors, but the stock had already been under pressure. From its February 2020 high through its five-year low in August 2023, AT&T fell by more than 50%. Although the company does not plan any dividend increases through at least 2027, the yield—about 4.2%—continues to attract investors as the company works toward a recovery. Since its five-year low, AT&T has gained more than 86%, with shares trading not far off their 52-week high of $29.79. Meanwhile, a strategic partnership with AST SpaceMobile (NASDAQ: ASTS)—signed in 2024—may be approaching a commercial inflection point. On April 22, AST SpaceMobile was granted approval by the U.S. Federal Communications Commission to deliver nationwide, direct-to-device (D2D) cellular broadband from space. The two companies’ agreement calls for providing space-based cellular broadband directly to everyday, unmodified AT&T mobile devices. On the earnings call, CEO John Stankey said customers will want D2D space-based broadband and that it is natural for AT&T to work with low Earth orbit providers to integrate those capabilities into its services. Q1 Takeaways: AT&T Had Plenty to HighlightAdding to that momentum, AT&T posted a top- and bottom-line beat when it reported Q1 results. EPS of $0.57 topped analyst expectations of $0.55, while quarterly revenue of $31.51 billion exceeded the $31.29 billion consensus. Notably, the company reported a record first-quarter consumer fixed broadband result, with 584,000 fiber and fixed wireless advanced internet net additions. It also added 1.1 million customers and roughly 4 million fiber locations when it closed a deal in Q1 to acquire Lumen Technologies’ (NYSE: LUMN) Mass Markets fiber business. That acquisition is expected to add around 8 million incremental fiber locations in 2026 and more than 60 million by 2030. AT&T finished Q1 with $12 billion in cash and cash equivalents and returned $4.3 billion to shareholders during the quarter: $2 billion in dividends and $2.3 billion in share repurchases under a buyback authorization from 2024. Management reiterated full-year and long-term guidance, including free cash flow of more than $18 billion in 2026, more than $19 billion in 2027, and more than $21 billion in 2028, alongside adjusted EPS of $2.25 to $2.35 this year with a double-digit, three-year compound annual growth rate through 2028. Despite the strong EPS growth, the stock can still be viewed as undervalued. It is trading at a forward price-to-earnings multiple of around 11.5x, which aligns with an earnings growth forecast of roughly 10.04% over the next year. Wall Street Sentiment Is Slowly ShiftingFor the past year, AT&T has carried a consensus Moderate Buy rating. But sentiment has shifted. As of today, none of the 22 analysts covering the stock have assigned it a Sell rating. Over the past month, the average 12-month price target’s implied upside has climbed from under 6% to more than 17%. Meanwhile, institutional buyers have outnumbered sellers for six consecutive quarters. Over the past year, inflows of nearly $24 billion have outpaced outflows of just over $10 billion. Short interest has ticked up but still represents only 1.69% of the float. Based on the company’s financial health, the stock re-entered the TradeSmith Green Zone six days ago. AT&T's MarketRank™ currently scores higher than 96% of the companies evaluated by MarketBeat, and it ranks 41st out of 629 stocks in the computer and technology sector. . |
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