JP Morgan Cuts AT&T (T) Price Target to $31

JP Morgan maintained an Overweight rating on AT&T Inc. on October 22, 2026, while lowering its price target from $33.00 to $31.00. The research note arrived as part of a wider wave of Wall Street updates for the telecommunications giant. This update follows a series of recent adjustments by the firm on other equities earlier in the week.

T AT&T Inc.

$22.43 ▼ -4.31% year to date

1M 3M YTD

Daily close · Oct 22, 2026

JP Morgan's Call on AT&T Inc.

In its October 22, 2026 note, JP Morgan chose to keep its positive stance on the telecom provider while trimming its twelve-month price objective down from $33.00 to $31.00. The firm continues to view the shares favorably even as valuation targets shift across the sector.

Other Institutional Activity in AT&T Inc.

Large funds continue to adjust their massive stakes in the telecom provider. Newport Trust Company, LLC reduced its holdings by 753,830 shares, ending with 178,729,595 shares worth about $4,045,544,423 in its report filed for the period ended June 30, 2026.

AT&T Inc. Stock Down 4.2%

AT&T Inc. shares recently traded around $22.43 as of October 22, 2026, down about 0.9% from an event-day close of $22.64 on that same date. The stock changes hands below its 50-day moving average of $24.85 and its 200-day moving average of $25.08. Shares sit well below their 52-week high of $29.44 while remaining above their 52-week low of $19.89.

Recent Earnings

For its trailing twelve-month period, the telecom provider generated $127,238,995,968 in revenue alongside trailing earnings of $1.87 per share. The company posted a net profit margin of 16.9% and a return on equity of 18.3%, backed by a year-over-year revenue growth rate of 2.3%.

Dividend

Income-focused investors collect an annual dividend rate of $1.11 per share, which translates to a dividend yield of 4.74%. The payout ratio sits at 36.6% of earnings, showing modest use of profits to cover the cash distribution to shareholders.

Analysts Set New Price Targets

Several other firms updated their views on the stock on October 22, 2026. Barclays maintained its Equal-Weight rating and lowered its price target from $24.00 to $21.00. Argus Research reiterated its Buy rating, keeping its price target steady at $30.00. TD Cowen reiterated a Hold rating with an unchanged price target of $33.00. Keybanc maintained an Overweight rating while reducing its price target from $36.00 to $33.00. Across Wall Street, the consensus recommendation stands at buy with a mean price target of $28.59.

About AT&T Inc.

AT&T Inc. provides wireless voice, data communications, and technology services across the globe through its primary operating segments. The company sells mobile handsets, computing devices, and accessories through its retail network and various third-party channels.

Bottom Line

Investors will watch how the company's subscriber metrics and upcoming financial results align with these revised Wall Street targets. Market participants should monitor future institutional filings for further changes in major fund ownership.