AT&T Inc (T.N): AT&T 2Q Results Should Highlight Solid Advanced Connectivity Performance; Early Preview

研报英文原文证据摘录

AT&T Inc (T.N): AT&T 2Q Results Should Highlight Solid Advanced Connectivity Performance; Early Preview

Viewpoint |

29 Jun 2026 01:28:11 ET │ 19 pages

AT&T Inc (T.N)

AT&T 2Q Results Should Highlight Solid Advanced Connectivity

Performance; Early Preview

CITI'S TAKE

We expect AT&T to report solid 2Q26 results, showing forward progress to meet Buy

its 2026 guidance, which was recently reaffirmed multiple times. We forecast

Advanced Connectivity service revenue growth of 4.7% yoy, which is similar to Price (26 Jun 26 16:00) US$22.72

consensus, while AT&T is still targeting FY26 growth of at least 5.0%, which Target price US$31.50

would exceed our FY26 estimate and consensus. We also see the possibility for Expected share price return 38.6%AT&T to outperform our AC service revenue growth (2Q & FY26) following on the

positive back-book wireless pricing actions announced last quarter, while also Expected dividend yield 4.9%

generating solid volume metrics for both postpaid phone net adds and Expected total return 43.5%

residential broadband (fiber and FWA). We remain positive on Buy-rated T Market Cap US$157,866Mshares with an expanding broadband TAM, favorable positioning for converged

bundling, and network modernization, while we recognize terminal value

uncertainty related to long-term industry structure (including the role of LEO

satellite constellations) may continue to limit valuation upside near-term.

Price Performance

Earnings Focus — For 2Q results, we anticipate the market to focus on Advanced (RIC: T.N, BB: T US)

Connectivity service revenue growth and EBITDA, postpaid phone net adds, resi

broadband net adds, overall EBITDA, and FCF. We forecast total revenue growth of

~3% to $31.9 billion vs consensus of $31.7 billion, with Advanced Connectivity