Published: November 12, 2025
Key takeaways
- T shares tick higher this afternoon after KeyBanc upgraded AT&T to Overweight with a $30 price target. [1]
- AT&T switched on 5G service in New York City’s MTA G Line tunnels, underscoring its “convergence” push across fiber + wireless. [2]
- Consumers face important dates in AT&T’s $177M data-breach settlement: Nov. 17 to opt out/object and Dec. 18 to file a claim. [3]
- Q3 snapshot: steady adjusted EPS and stronger free cash flow, with healthy postpaid and fiber adds; dividend of $0.2775 was paid Nov. 3. [4]
AT&T stock today: price action and context
AT&T (NYSE: T) traded around $25.63, up ~1.8% as of 2:39 p.m. ET (19:39:16 UTC). The session range ran $25.25–$25.73 on volume of ~26.4M shares at that time. Market tone was mixed, with tech lagging while broader U.S. equities digested Washington headlines. [5]
The catalyst: KeyBanc turns bullish with a $30 target
The day’s biggest stock-specific driver is KeyBanc’s upgrade of AT&T to Overweight and a $30 price target—about 17% above this afternoon’s price—framing the recent pullback as overdone. Analyst Brandon Nispel argues that worries about a renewed wireless price war are “overblown” and that AT&T is positioned to lead in network convergence (mobile + fiber + Wi‑Fi) as it integrates assets including the $23B EchoStar spectrum deal. The note also points to EBITDA growth accelerating through 2026–2028 as mobility and broadband scale. [6]
Network news: 5G lights up in NYC’s G Line tunnels
Adding a concrete proof point for that convergence thesis, AT&T and Boldyn Networks today activated 5G service in the MTA’s G Line tunnel segments. AT&T says it’s now the first and only carrier with 5G live in both the G Line and the Joralemon Street tunnels, expanding reliable underground connectivity for commuters. While not a material revenue event on its own, these incremental coverage wins reinforce AT&T’s brand and performance narrative in its largest market. [7]
Consumer watch: data‑breach settlement deadlines
For customers—and by extension AT&T’s reputation—important settlement dates are here in the $177 million data‑breach case:
- Opt‑out/Object:Monday, Nov. 17, 2025 (postmark).
- File a Claim:Thursday, Dec. 18, 2025 (online or postmark).
Eligible current and former customers can submit claims for documented losses; those impacted by both incidents may be eligible for up to $7,500 in total. Full instructions and eligibility details are posted on the official settlement website. [8]
Fundamentals check: what Q3 told investors
Three weeks ago, AT&T reported a steady operational picture with Q3 revenue of $30.7B, adjusted EPS of $0.54, and free cash flow of $4.9B—up from $4.6B a year earlier. Net adds remained healthy (405k postpaid phones; 288k fiber; 270k Internet Air) and management reiterated 2025 guidance, including adjusted EBITDA growth ≥3% and free cash flow in the low‑to‑mid $16B range. The release also highlighted pending fiber (Lumen) and spectrum (EchoStar) transactions slated to close in 1H26, with leverage expected to normalize to ~2.5x within ~three years after the spectrum deal closes. [9]
Dividend, buybacks, and valuation framing
AT&T paid its regular $0.2775 quarterly dividend on Nov. 3, keeping the annualized rate at $1.11/share. At ~$25.63, that’s a dividend yield around 4.3%. Using management’s 2025 adjusted EPS outlook of $1.97–$2.07, shares change hands at roughly 12–13× this year’s adjusted earnings—before potential upside from the convergence strategy, spectrum deployment, and fiber expansion contemplated in today’s analyst upgrade. [10]
Why today’s headlines matter to T’s story
- Sentiment reset: A credible upgrade + target helps recalibrate expectations after sector jitters and a multi‑month slide, especially if investors buy into the convergence profit path laid out by management and echoed by KeyBanc. [11]
- Execution signal: The NYC subway 5G activation is micro-scale financially but macro‑relevant for competitive positioning and service quality—key ingredients for reducing churn and boosting ARPU (average revenue per user). [12]
- Reputation & risk: The settlement deadlines keep data security in focus; smooth administration and clear communication can help contain reputational drag and customer service costs. [13]
What to watch next
- Nov. 17 and Dec. 18: monitor customer engagement with opt‑out/objection and claim filings in the settlement. [14]
- 1H 2026 closings: regulatory progress on EchoStar spectrum and Lumen fiber deals—and any updates on financing or leverage targets. [15]
- Network build cadence: milestones toward 60M fiber locations by 2030, plus wholesale monetization and Internet Air traction to support convergence economics. [16]
Bottom line
Today’s tape belongs to a shift in sentiment. A fresh KeyBanc Overweight and a visible NYC 5G buildout gave AT&T shares a gentle lift, while investors keep an eye on settlement dates and the company’s path to higher free cash flow and EBITDA through 2026–2028. For income‑focused holders, the ~4.3% yield remains intact; for growth‑minded watchers, execution on convergence and fiber is the metric to track next. [17]
This article is for information purposes only and is not investment advice.
References
1. www.barrons.com, 2. about.att.com, 3. www.telecomdatasettlement.com, 4. about.att.com, 5. www.reuters.com, 6. www.barrons.com, 7. about.att.com, 8. www.telecomdatasettlement.com, 9. about.att.com, 10. investors.att.com, 11. www.marketwatch.com, 12. about.att.com, 13. www.telecomdatasettlement.com, 14. www.telecomdatasettlement.com, 15. about.att.com, 16. about.att.com, 17. www.barrons.com
