AT&T price target raised to $32 from $28 at BofA

BofA analyst David Barden raised the firm’s price target on AT&T to $32 from $28 and keeps a Buy rating on the shares. Wireless and Consumer wireline underpinned “solid” Q1 results, while management stuck to the industry message of passing any increase in handset costs onto subscribers, which “should allay fears of tariff related profitability compression,” the analyst tells investors. The firm’s new price objective is based on a raised free cash flow multiple to reflect consistent growth, growing returns to shareholders, and “a solid defensive, domestic business,” the analyst added.