Pivotal Research Group Reiterates “Hold” Rating on AT&T (T)

Pivotal Research Group reported on Friday that they have reaffirmed their rating on telecommunications provider, AT&T Inc.(T).

The research company reported that they have maintained a “Hold” rating and $32 price target and on AT&T. This price target suggests a -6.5% decline from the stock’s current price of $34.10.

Pivotal Research Group commented, “AT&T and Verizon both had exceptionally strong quarters for smartphone activations. We are lowering our Q4 EPS estimate to account for the higher subsidies. We are also adding the incremental capex from project VIP for the next three years. Our new Q4 EPS estimate is $0.45 (from $0.57) and our new 2013 EPS estimate is $2.55 (from $2.60). Reiterate HOLD rating and $32 price target.”

AT&T shares were mostly flat during premarket trading Monday. The stock has dropped -14% in the past year.

The Bottom Line
We have been recommending shares of AT&T (T) since Mar.12, 2009, when the stock was trading at $23.35. The company has a 5.25% dividend yield, based on last night’s closing stock price of $34.27.

AT&T Inc.(T) is a “Recommended” dividend stock at this time, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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