AT&T price target raised to $32 from $27 at Oppenheimer

Oppenheimer raised the firm’s price target on AT&T to $32 from $27 and keeps an Outperform rating on the shares. The firm cites better free cash flow growth and relative valuation, helped by essentially a $5 price increase hitting in April on about 1/3rd of its base. AT&T noted elevated churn levels in January and lower sales activity, which was due to 3-year phone contracts coming off. Oppenheimer thinks this is temporary given the oligopolistic industry structure and industry guidance that is prioritizing free cash flow and profitability.