AT&T: Don't Freak Out

11/29/17

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I’ve been pounding the table on AT&T (T) lately because I think the stock is a buy regardless of what happens with the proposed Time Warner purchase. To be clear, I prefer that the purchase goes through, but even if it doesn’t, I still like T here. The stock is not only cheap but T’s wireless business is picking up and, despite some recent rumblings from the Justice Department, the Time Warner purchase looks likely that it will go through. In other words, what more could you want?

All-important wireless business is showing signs of life

As you can see, the stock is still very near its lows at a time when it shouldn’t be. Yes, the wireless business has been tough and yes, T’s TV business has been less than stellar in the recent past. However, recent comments from T’s CFO would suggest that T’s tremendously important wireless business has stabilized and indeed, its past two quarterly reports suggest that as well. I’ve made that point before but it is salient in light of the comments from Mr. Stephens and it looks like we're going to see a much better 2018.

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