AT&T (NYSE:T) indicated that its wireless subscriber growth could slow next year after it saw a relatively solid 2021, driven by attractive smartphone offers and higher consumer spending.
AT&T stock declined by over 4% to around $23 per share following the news, approaching 12-year lows. However, we think the stock is oversold at current levels. We value AT&T at about $30 per share, about 30% over the market price.
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