Wall Street analysts can’t get enough AT&T. Before the start of trading on Monday, October 24, investment bank Raymond James upgraded the recommendation for AT&T to a “strong buy” with a target price of $24 per share.
The savviest SimpleFX traders entered long positions on the company below $15 on October 13. Since then, the stock of the American multinational telecommunications holding company has risen by 23.3% and reached $17.76 a few quarters after the Monday opening.
The telecommunications giant is adding subscribers, pushing up earnings per share. AT&T is still trading below the two-year, five-year, and 10-year P/E ratios, which is the main argument of Raymond James analysts.