Telecom giant AT&T Inc. ( T ) on Thursday saw its earnings estimates cut by analysts at Citigroup.
The firm said it lowered its estimates for T through 2012, noting the company is selling a greater number of smartphones. That trend means lower lower initial margins on phone sales.
Still, Citi maintained its "Buy" rating and $32 price target on AT&T, suggesting a nearly 9% upside to the stock's Wednesday closing price of $29.40.
AT&T shares posted small losses in premarket trading Thursday.
The Bottom Line
We have been recommending shares of AT&T ( T ) since Mar.12, 2009, when the stock was trading at $23.35. The company has a 5.85% dividend yield, based on last night's closing stock price of $29.40.
AT&T Inc. ( T ) is a "Recommended" dividend stock, holding a Dividend.com DARS™ Rating of 3.6 out of 5 stars.
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