AT&T Receives 2 Price Target Hikes From Goldman Sachs and KeyBanc

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Joel South

Wed, March 25, 2026 astatine 11:25 AM CDT 4 min read

AT&T (T) raised terms targets from Goldman Sachs ($33) and KeyBanc ($36) connected adoption of three-segment reporting operation that separates high-performing Advanced Connectivity (90% of revenue, 95% of EBITDA) from declining Legacy operations, with fibre convergence complaint climbing 200 ground points year-over-year to 42% and Advanced Connectivity EBITDA expected to turn 6-7% annually.
AT&T’s caller conception reporting provides capitalist transparency into returns connected 5G and fibre investments, positioning the institution to transcend 12 cardinal converged customers by 2030 portion offsetting Legacy conception decline.
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AT&T (NYSE:T) received terms people increases from 2 Wall Street firms connected Wednesday, with Goldman Sachs and KeyBanc some citing the company's caller conception reporting operation and converged lawsuit momentum arsenic reasons to revise their outlooks higher. The banal is up much than 5% implicit the past week, bringing its year-to-date summation to much than 17% alongside an charismatic dividend that presently yields 3.84%.

Ticker

Firm

Rating

Old Target

New Target

T	Goldman Sachs	Buy	$30	$33
T	KeyBanc	Overweight	$30	$36

Beginning with Q1 2026 results, AT&T is adopting a three-segment reporting structure: Advanced Connectivity, Legacy, and Latin America. KeyBanc is updating its exemplary to bespeak the caller segments and its presumption connected 2026 wireless work gross maturation cadence and pricing actions. Goldman Sachs likewise flags the caller operation arsenic a catalyst for improved capitalist transparency. CEO John Stankey framed the rationale straight connected the Q4 net call: "By separating the show of our precocious connectivity concern from our declining bequest segment, we judge investors volition person greater transparency into the returns we're generating connected our maturation investments successful 5G and fiber."

CFO Pascal Desroches added important standard context: "In 2025, precocious connectivity drove astir 90% of our revenues and implicit 95% of our adjusted EBITDA connected a recast basis." That attraction makes the Legacy resistance much disposable but besides much manageable. KeyBanc expects Advanced Connectivity EBITDA maturation of 6% to 7% to offset Legacy resistance beyond 2027, allowing full EBITDA to accelerate from astir 3% successful 2026 to implicit 5% by 2028, accordant with AT&T's ain guidance range.

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