Analyst Touts AT&T As Top Telecom Pick Backed By Wireless Subscriber, Fiber-To-The-home, Fixed Wireless Growth Momentum

Wells Fargo analyst Eric Luebchow upgraded AT&T Inc T from Equal-Weight to Overweight and raised the price target from $17 to $22.
The analyst viewed the telecom sector as a relatively defensive play going into 2023, despite some growth challenges ahead.
Wireless subscriber growth should remain elevated vs. historical levels but appears likely to slow in 2023 on a year-on-year basis.
Fiber-to-the-home construction should grow >20% despite pressure from rising costs of capital and cost inflation.
Fixed wireless should continue to take share, although the pace of growth will likely moderate.
But given the current inflationary backdrop, the analyst thinks investors need to be selective.
Luebchow's top ideas for 2023 across telcos include AT&T, Frontier Communications Parent, Inc FYBR, and T-Mobile US, Inc TMUS.
Price Action: T shares traded higher by 1.76% at $19.38 on the last check Tuesday.

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