JPMorgan and Goldman Sachs both named AT&T a top pick heading into earnings season in recent days.
AT & T has emerged as a Wall Street favorite ahead of the upcoming earnings release cycle. Just two days after Goldman Sachs named AT & T its top telecom pick, JPMorgan reiterated it as one of its best ideas. JPMorgan analyst Sebastiano Petti called AT & T a broader "value pick" as it currently trades on a valuation discount relative to other names in the sector.
Both Petti and Goldman Sachs analyst James Schneider highlighted a potential share buyback announcement as a positive catalyst for shares. "We are tactically most constructive on T given our view on the company's update on capital allocation, where we expect a buyback could be announced," Schneider wrote in a research note Monday. "We expect positive wireless results and potentially a capital allocation announcement with the initiation of a buyback.
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