Updated: November 30, 2025 — all market data as of the close on Friday, November 28, 2025.
AT&T stock price today ahead of the December 1, 2025 open
AT&T Inc. (NYSE: T) heads into Monday’s U.S. market open trading in the mid‑$20s, after a steady but unspectacular Thanksgiving week.
- Last close (Friday, Nov. 28, 2025): AT&T shares finished at $26.02, up about 0.8% on the day. Roughly 16.3 million shares traded, for turnover of about $423.6 million, ranking the stock 121st in U.S. liquidity that session. [1]
- Short‑term performance: The stock is up about 0.35% over the last five trading days, roughly 5.1% in November, and about 14% year‑to‑date. [2]
- 52‑week picture: AT&T has gained roughly 12% over the past 12 months, but still trades about 13% below its 52‑week high near $29.79. [3]
- Peer comparison on Friday: On Nov. 28, AT&T’s +0.77% move lagged sector standout T‑Mobile (+1.10%) but slightly outpaced Verizon (+0.56%). [4]
From a valuation standpoint, AT&T still looks like a classic “value + income” telecom:
- Market cap: about $184 billion. [5]
- Trailing P/E: around 8.3–8.5× earnings, well below historical averages and many U.S. large caps. [6]
- Forward P/E: most data providers place AT&T around 11–12× forward earnings, reflecting modest growth expectations. [7]
- Dividend yield: roughly 4.3%, based on an annual dividend of $1.11 per share (four quarterly payments of $0.2775). [8]
Simply Wall St estimates that AT&T’s current 8.3× P/E is materially below its “fair” P/E of about 12.3× based on growth and margins, implying discount pricing versus intrinsic value. [9]
Key AT&T news between November 28 and 30, 2025
1. Trading and performance snapshots (Nov. 28)
AInvest’s turnover report for November 28 highlights a relatively active but not frenzied session for AT&T:
- Turnover: $423.57 million
- Volume: 16.35 million shares
- Daily gain: +0.77% at a $26.02 close
- YTD gain: about 14.3%
- 52‑week gain: about 12.4% [10]
Separately, Barchart notes that:
- AT&T is up 13.4% year‑to‑date, versus a 20.2% gain for the Nasdaq Composite.
- Over the past 52 weeks, AT&T is +11.8%, trailing the Nasdaq’s +21.1%.
- The stock has traded below its 50‑day moving average since late September, underscoring its lag versus growth‑heavy indices. [11]
This sets the tone going into December: AT&T has worked its way off the lows, but remains a relative underperformer versus major tech benchmarks.
2. Analyst sentiment: “Moderate Buy” with mid‑teens upside
On November 29, MarketBeat published an update confirming that Wall Street’s view on AT&T remains cautiously positive: [12]
- Consensus rating:“Moderate Buy”
- Coverage:26 analysts
- Breakdown:1 Strong Buy, 17 Buy, 8 Hold
- Average 12‑month price target: about $30.64, implying roughly 17–18% upside from the $26 zone.
Multiple November 29–30 articles on MarketBeat and other platforms repeat this theme: AT&T trades with: [13]
- P/E around 8.4×
- Dividend yield near 4.3%
- Market cap near $184 billion
Simply Wall St’s valuation page shows a nearly identical average target of ~$30.6 from about two dozen analysts, again pointing to mid‑teens expected upside. [14]
Third‑party forecast aggregators echo the bullish tilt: Public.com, for example, classifies the consensus as a “Buy” based on a set of roughly 19 sell‑side analysts covering T. [15]
3. 5G and EchoStar spectrum integration: the growth narrative
A major theme in late November commentary is AT&T’s rapid integration of spectrum acquired from EchoStar and the implications for its 5G and home‑internet businesses.
The EchoStar deal itself
Back in August, AT&T agreed to acquire about 30 MHz of 3.45 GHz mid‑band and 20 MHz of 600 MHz low‑band spectrum from EchoStar in a $23 billion all‑cash transaction, covering virtually every major U.S. market. [16]
Management says the deal is intended to:
- Strengthen AT&T’s 5G capacity and coverage
- Support faster, capital‑efficient growth by reducing the need for building new cell sites
- Accelerate fixed‑wireless home internet (AT&T Internet Air) in areas where fiber will come later
- Still keep 2025 guidance intact, even while net debt temporarily rises toward 3× EBITDA before trending back toward a 2.5× leverage target over three years. [17]
Record deployment and fair‑value estimates
On November 29, Simply Wall St published a detailed narrative titled “The Bull Case For AT&T (T) Could Change Following Record 5G Spectrum Integration and Network Expansion.” Key takeaways: [18]
- AT&T has rapidly deployed mid‑band spectrum acquired from EchoStar, greatly boosting 5G speeds and coverage — reaching over 5,300 cities across 48 states, according to the analysis.
- The rollout is expected to improve performance for both wireless and home‑internet customers while also lowering long‑term capex, since better spectrum reduces the need for additional cell sites.
- The article models AT&T reaching about $130.6 billion in revenue and $17.0 billion in earnings by 2028, based on roughly 1.7% annual revenue growth and a $4.3 billion uplift in earnings from today’s levels.
- Under that scenario, Simply Wall St estimates a fair value around $30.99 per share, roughly 19% above the current price. [19]
Other coverage in November — including PR Newswire and Yahoo Finance summaries — similarly emphasize that AT&T has completed nationwide deployment of the EchoStar mid‑band spectrum across nearly 23,000 cell sites, with a goal of cementing its 5G leadership. [20]
4. Q3 2025 earnings still underpin the story
Though the earnings release is from October, nearly every late‑November analysis references AT&T’s latest quarterly numbers as the base for forecasts.
From AT&T’s official Q3 2025 results: [21]
- Revenue:$30.7 billion, up about 1.6–1.7% year‑over‑year.
- Adjusted EPS:$0.54, flat versus the prior year and in line with analyst expectations.
- Free cash flow:$4.9 billion, up from $4.6 billion a year ago.
- Mobility: 405,000 postpaid phone net adds; mobility service revenue up about 2.3% YoY.
- Consumer fiber: 288,000 AT&T Fiber net adds and 270,000 AT&T Internet Air net adds; fiber broadband revenue grew roughly 16.8% YoY.
Management reaffirmed its full‑year 2025 guidance, including: [22]
- Low‑single‑digit consolidated service revenue growth
- Adjusted EBITDA growth of 3% or better
- Free cash flow in the low‑to‑mid‑$16 billion range
- Adjusted EPS toward the high end of the $1.97–$2.07 range
These figures underpin much of the “steady, cash‑generative” thesis that analysts and algorithmic models are using in their 2025–2028 forecasts.
5. Institutional investors adjust their AT&T exposure
Form 13F‑based news between November 29 and 30 shows active repositioning by large funds:
- Schroder Investment Management Group increased its AT&T holdings by 0.9%, to about 5.7 million shares worth roughly $165 million, representing about 0.08% of the company. [23]
- Grantham Mayo Van Otterloo & Co. (GMO) boosted its position by 90.7% in Q2, ending with 400,531 shares valued at about $11.6 million. [24]
- The New York State Common Retirement Fund raised its stake by 2.6% to about 8.77 million shares, a roughly $254 million position and around 0.12% of AT&T. [25]
- On the other side, Gifford Fong Associates cut its AT&T holdings by about 34.8%, ending Q2 with 93,689 shares valued around $2.71 million. [26]
Across these filings, MarketBeat reiterates that institutional investors own roughly 57% of AT&T’s shares and that analyst consensus remains a “Moderate Buy” with an average target just above $30. [27]
Net‑net, the late‑November picture shows net buying from several large, long‑term institutions, with some selective profit‑taking from smaller managers.
6. December 1 price hikes: recovery fee and internet plans
The most immediately price‑sensitive news for December 1 is not an earnings surprise but customer price increases.
A widely shared article in The U.S. Sun (November 30) reports that: [28]
- AT&T is raising its Administrative & Regulatory Cost Recovery Fee from $3.49 to $3.99 per line per month starting December 1, 2025.
- The company describes this fee as helping to cover network maintenance, interconnection charges, tower rents and mandated costs such as compliance with state privacy laws and federal regulations.
- AT&T is also raising prices on its internet plans (including AT&T Fiber) by $5 per month beginning the same date.
- Customers can partially offset these hikes by opting into Paperless Billing and Autopay, which can provide $10/month discounts with an eligible bank account or $5/month with a debit card.
- Competing carriers T‑Mobile and Verizon also charge similar “recovery” fees, with T‑Mobile’s reportedly at $3.99 and Verizon’s around $3.50 per line.
From an investor’s perspective, these changes are incrementally positive for revenue and ARPU but could add churn risk if price‑sensitive customers push back. The timing — on the eve of the holiday‑shopping and year‑end period — may attract regulatory or media scrutiny, but the move is in line with earlier telecom price adjustments in 2024–25.
Fundamentals and valuation going into December
Earnings power and free cash flow
Using AT&T’s Q3 results and full‑year guidance, most fundamental models see the company as:
- Steadily growing revenue in the low‑single‑digits (helped by wireless and fiber, offset by legacy declines). [29]
- Generating mid‑teens billions in annual free cash flow — management is targeting the low‑to‑mid‑$16 billion range for 2025, and at least $18–19+ billion in 2026–2027. [30]
- Using that cash to fund capex (~$22–24 billion annually), pay the dividend, and still repurchase shares, with $20 billion of buyback capacity outlined for 2025–2027. [31]
Dividend profile
AT&T has kept its quarterly dividend at $0.2775 per share since 2022. In 2025, it paid that amount in February, May, August and November. [32]
Various sources show: [33]
- Annual dividend: $1.11 per share
- Dividend yield (Nov. 28): about 4.27%
- Payout ratio: roughly 36% of earnings and around 21% of cash flow
This leaves room for debt reduction, capex and buybacks while keeping the dividend relatively secure, assuming no major shock to free cash flow.
Balance sheet and leverage
AT&T’s Q3 report shows: [34]
- Total debt: about $139.5 billion
- Net debt: around $118.8 billion
- Management expects net debt/adjusted EBITDA to move into the ~3× range after the EchoStar deal closes in 2026, and then fall back toward 2.5× within about three years, aided by higher service revenue and strong cash generation.
The combination of high absolute debt but clear deleveraging plans is central to many analyst models: it supports the idea of a large, bond‑like equity with modest growth and an above‑market yield.
Valuation in context
Across several valuation sites and research notes: [35]
- AT&T’s trailing P/E (~8.3–8.5×) is below its estimated “fair” P/E (~12×) and below many large‑cap peers.
- Forward P/E estimates cluster around 11–12×, reflecting expectations of EPS growth from about $2.09 this year to $2.28 next year, according to StockAnalysis’s consensus forecast. [36]
- With a 4.3% dividend yield and mid‑single‑digit expected EPS growth, the total return profile many analysts model is mid‑to‑high single digits annually, before any multiple expansion.
Technical backdrop: where the chart stands
Even without looking at actual charts, the technical data being quoted in late November paint a fairly consistent picture.
From Barchart and other technical summaries: [37]
- AT&T is up 13–14% YTD but trails the Nasdaq by several percentage points.
- The stock is 11–12% above its 52‑week low, but still well below its high near $29.79.
- It has been trading under its 50‑day moving average since late September, a sign of relative weakness versus momentum benchmarks.
CoinCodex’s technical dashboard (updated Nov. 30) adds more detail: [38]
- Current price: $26.02
- 50‑day simple moving average (SMA): $26.09
- 200‑day SMA: $27.30
- 14‑day RSI: about 43.6, which is neutral, leaning slightly toward “not overbought, not oversold.”
- A majority of short‑term moving averages (3–21 day) flash “Buy”, while longer‑term MAs (50–200 day) still indicate “Sell”, consistent with a recovery phase within a longer consolidation.
- The site labels overall technical sentiment “Neutral”, with a Fear & Greed Index reading of 39 (“Fear”) for the broader market.
Taken together, the technicals suggest AT&T is no longer deeply depressed, but not yet in a confirmed uptrend. Bulls point to improving fundamentals and 5G catalysts; bears focus on the heavy debt load, competition and sluggish growth.
Short‑ and long‑term AT&T stock forecasts (as of November 30, 2025)
Forecasts fall into two broad camps: human analyst targets and quant/technical models. Both are inherently uncertain and not investment advice, but they give a sense of current expectations.
1. Wall Street 12‑month targets
Across MarketBeat, Simply Wall St, MarketWatch and Barchart, late‑November data show: [39]
- Average 12‑month target: roughly $30–31 per share
- High targets: around $33–34 from more bullish firms (e.g., TD Cowen at $33). [40]
- Low targets: around $26–28, with some more cautious brokers trimming estimates (e.g., Barclays moving from $30 to $28). [41]
Relative to Friday’s $26.02 close, the consensus suggests mid‑teens upside (~15–20%) over the next year, assuming AT&T hits its earnings and free‑cash‑flow targets.
2. Algorithmic and technical forecasts
CoinCodex provides a detailed, model‑driven forecast updated on November 30, 2025: [42]
- Forecast for Dec. 1, 2025:$26.02, essentially flat vs. Friday’s close.
- 5‑day forecast (to Dec. 5): up to $26.94, about 3.5% above current levels.
- End‑of‑December 2025 average price:$27.11 (range $25.58–$28.56), implying about 9.7% upside from today if the mid‑range plays out.
- 1‑year algorithmic target: about $30.93, roughly 19% higher than current levels.
- 2030 projection: central estimate around $47.93, though long‑dated model outputs are highly speculative.
The same model classifies AT&T as “a good stock to buy” from a technical/quant perspective because it expects an ~18–19% price rise in the next year, but it explicitly notes this is not investment advice and is based solely on historical price patterns. [43]
3. Fundamental fair‑value models
The Simply Wall St narrative from November 29 suggests: [44]
- Baseline 2028 scenario: revenue around $130.6 billion, earnings about $17.0 billion.
- Fair value estimate today:$30.99, implying roughly 19% upside.
- Bullish community narratives see potential for even higher earnings by 2028 if EchoStar‑driven 5G growth and fiber expansion materially boost margins, though the article also flags competition and churn as meaningful risks.
What to watch before the bell on December 1, 2025
Going into Monday’s open, here are the main factors likely to shape AT&T’s pre‑market tone and early trading:
- Market reaction to fee hikes
- The December 1 increase in the Administrative & Regulatory Cost Recovery Fee and the $5 boost to internet plan prices will start showing up in customer bills. Media coverage over the weekend may stir debate over affordability and churn risk, but from a numbers standpoint, the change modestly supports ARPU and revenue. [45]
- Follow‑through from 5G and spectrum news
- Investors will be weighing the rapid mid‑band 5G rollout and EchoStar spectrum integration against the cost and leverage implications. Any new commentary about network performance, customer adds or regulatory progress on the deal could support the bullish narrative. [46]
- Institutional positioning and flows
- The flurry of 13F headlines showing major institutions boosting stakes may encourage more income‑oriented or value‑focused investors to accumulate AT&T on dips. Conversely, evidence of further trimming from funds like Gifford Fong Associates might cap near‑term rallies. [47]
- Index and macro drivers
- As a high‑dividend, low‑beta telecom, AT&T often trades more like a bond proxy than a high‑growth tech stock. Moves in interest rates, credit spreads or risk‑on/risk‑off sentiment can influence demand for yield‑heavy names like T, even in the absence of stock‑specific news.
- Technical levels around $26
- With the 50‑day SMA near $26.09 and the 200‑day SMA around $27.30, technicians will watch whether AT&T can hold the $25–26 support band and potentially challenge the 200‑day average in December. A decisive break above the 200‑day could shift the narrative from “range‑bound value” to “turning the corner.” [48]
Bottom line: Setup for AT&T ahead of the December 1, 2025 open
Putting everything together:
- Price & yield: AT&T enters December around $26, with a 4.3% dividend yield and a single‑digit trailing P/E, characteristics that appeal to income and value investors. [49]
- Fundamentals: Q3 results and management’s guidance point to steady revenue, rising free cash flow, and substantial buyback capacity, though debt remains high and Business Wireline is still under pressure. [50]
- Growth drivers: Nationwide 5G expansion, EchoStar spectrum integration, fiber build‑out and the Lumen fiber asset deal all reinforce a long‑term convergence strategy built around bundled wireless and home internet. [51]
- Near‑term catalysts:
- December 1 price and fee hikes
- Ongoing analyst updates and institutional flows
- Technical attempts to reclaim longer‑term moving averages
- Forecasts: Both human analysts and algorithmic models cluster around mid‑teens upside over the next 12 months, with modest upside expected through December if markets remain cooperative. [52]
As always, none of these forecasts are guarantees. Telecom remains a capital‑intensive, competitive sector, and AT&T’s high leverage and slow‑growth profile mean that execution on 5G, fiber and cost discipline will be critical.
This article is for informational purposes only and does not constitute financial advice or a recommendation to buy or sell any security. Investors should consider their own risk tolerance, time horizon and financial situation, and may want to consult a qualified financial adviser before making decisions.
References
1. www.ainvest.com, 2. www.ainvest.com, 3. www.barchart.com, 4. www.marketwatch.com, 5. www.barchart.com, 6. www.marketbeat.com, 7. stockanalysis.com, 8. www.marketbeat.com, 9. simplywall.st, 10. www.ainvest.com, 11. www.barchart.com, 12. www.marketbeat.com, 13. www.marketbeat.com, 14. simplywall.st, 15. public.com, 16. about.att.com, 17. about.att.com, 18. simplywall.st, 19. simplywall.st, 20. www.prnewswire.com, 21. about.att.com, 22. about.att.com, 23. www.marketbeat.com, 24. www.marketbeat.com, 25. www.marketbeat.com, 26. www.marketbeat.com, 27. www.marketbeat.com, 28. www.the-sun.com, 29. about.att.com, 30. about.att.com, 31. about.att.com, 32. investors.att.com, 33. companiesmarketcap.com, 34. about.att.com, 35. www.marketbeat.com, 36. stockanalysis.com, 37. www.barchart.com, 38. coincodex.com, 39. www.marketbeat.com, 40. stockanalysis.com, 41. www.marketbeat.com, 42. coincodex.com, 43. coincodex.com, 44. simplywall.st, 45. www.the-sun.com, 46. about.att.com, 47. www.marketbeat.com, 48. coincodex.com, 49. stockanalysis.com, 50. about.att.com, 51. about.att.com, 52. www.marketbeat.com
