AT&T Inc. (NYSE:T) reported a solid quarter with higher-than-expected postpaid phone and broadband net additions and an adjusted EBITDA beat, according to Goldman Sachs.
The AT&T Analyst: Analyst Michael Ng maintained a Buy rating and price target of $32.
The AT&T Thesis: The company reported revenue of $30.7 billion, almost in line with Street expectations of $30.9 billion, while adjusted EBITDA of $11.86 billion topped market estimates of $11.75 billion, Ng said in the note.
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Management reiterated their guidance for the full year, as was widely expected, he added.
With postpaid phone ARPUs (average revenues per user) declining sequentially, management may be questioned about their outlook for pricing during the call, the analyst stated.
"Investors remain focused on competition in the wireless market, expectations for subscriber growth in 2026, and any commentary on the call regarding promotional activity could move the wireless stocks, in our view," he further wrote.
AT&T now expects the Lumen fiber transaction to close in early 2026 versus its prior projection of the first half of the year, Ng commented.
T Price Action: AT&T shares were down 1.48% at $25.66 at the time of publication on Wednesday, according to Benzinga Pro data.
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