Ian Cooper’s Stock Pick of the Week

Chart of Day: AT&T (T)

Keep an eye on AT&T (T).

After pulling back from about $18, the stock caught support at its 50-day moving average, as it also did in early January. It’s also over-extended on RSI, MACD, and Williams’ %R. Better, as investors wait for the stock to recover lost ground, they can collect its yield of 6.56%.

Helping, analysts at JP Morgan just upgrade the stock to an overweight rating, with a price target of $21 from $18. “We look for AT&T to grow its mobility business at a solid pace with both postpaid phone growth and ARPU for service growth of 3% in 2024 and EBITDA growth of 5.1%,” said the firm, as quoted by Seeking Alpha.

AT&T last traded at $16.91. From here, we’d like to see it initially test $18.25.

Ian Cooper is an experienced trader who uses a combination of technical, fundamental, and news analysis to help individual investors grow their wealth. Ian’s Premium Options Strategies

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