AT&T price target lowered to $29 from $32 at Oppenheimer

Oppenheimer lowered the firm’s price target on AT&T to $29 from $32 and keeps an Outperform rating on the shares. The firm notes the company reported a solid quarter with financials slightly above expectations and subs in line, meeting its 2025 targets. A price war has started in the communications sector as reflected in results with higher wireless churn, slowing subscribers, weaker ARPU growth, more bundling, and higher promotions. Positively, Oppenheimer does think AT&T is relatively well insulated vs. peers, with more bundling and the ability to slash wireline expenses and over time fiber CAPX.