AT&T Stock Has Never Recovered From Covid. Why It Could Be Fairly Valued Now.

 AT&T Stock Has Never Recovered From Covid. Why It Could Be Fairly Valued Now.

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Customers exit an AT&T store in Emeryville, California, U.S., on Tuesday, July 20, 2021.


David Paul Morris/Bloomberg

AT&T stock has badly underperformed the market since the company announced a major overhaul of its media and telecommunications portfolio —and for most of the past few years, for that matter.

The stock is now undeniably cheap. Wall Street investors and analysts have generally been supportive of plans to refocus on AT&T’s wired and wireless telecom businesses. But there’s still skepticism about the company’s future earnings power, and its debt-reduction and dividend payment abilities.

Largely…


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