AT&T stock rallies after an upgrade—but it’s hardly a ringing endorsement

After AT&T Inc. shares ended Wednesday’s session at an 11-year low, one analyst is ending his bearish call on the stock.

KeyBanc Capital Markets analyst Brandon Nispel upgraded AT&T shares
T,
+1.52%

to sector weight from underweight, writing that the shares now sport a fair valuation given that the company is in the process of simplifying its structure.

AT&T shares are up 1.8% in Thursday trading and on track to snap a…

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