Barclays Upgrades AT&T to Overweight; Sees 26 Percent Upside

Small toy figures with laptops and smartphones are seen in front of a displayed AT&T logo, in this illustration taken on Dec. 5, 2021. Dado Ruvic/Illustration/Reuters

Barclays analyst Kannan Venkateshwar upgraded AT&T Inc. from Equal-Weight to Overweight and a $30 price target. The price target implies an upside of 26.2 percent.

Venkateshwar cited valuation and Warner deal benefits behind the re-rating.