AT&T Seeks Buyer For Its DirecTV Unit – Report
AT&T Inc. is searching for buyers for its DirecTV business, The Wall Street Journal (WSJ) reported on Friday citing people familiar with the matter. Shares of the telecommunications and wireless service providers are trading 1.5% higher in the pre-market trading session today.
T) has hired Goldman Sachs to help in the process of offloading its stake in the satellite TV service to private-equity buyers. The report lists Apollo Global Management Inc. and Platinum Equity as potential buyers.” data-reactid=”13″>According to the report, AT&T (T) has hired Goldman Sachs to help in the process of offloading its stake in the satellite TV service to private-equity buyers. The report lists Apollo Global Management Inc. and Platinum Equity as potential buyers.
See T stock analysis on TipRanks).” data-reactid=”14″>AT&T bought DirecTV for a hefty amount of $49 billion in 2015. The WSJ report, however, says that the new deal is unlikely to match the buying price and could draw approximately $20 billion now. (See T stock analysis on TipRanks).
Ivan Feinseth reiterated his Buy rating on the stock citing the company’s “strength in wireless counteracts COVID-19-driven near-term weakness.” Feinseth believes that “The ongoing 5G rollout, together with AT&T’s ability to leverage its entertainment assets for an extremely high dividend yield, will drive long-term shareholder value creation, making the shares a compelling value.”” data-reactid=”19″>On August 27, Tigress Financial Partners analyst Ivan Feinseth reiterated his Buy rating on the stock citing the company’s “strength in wireless counteracts COVID-19-driven near-term weakness.” Feinseth believes that “The ongoing 5G rollout, together with AT&T’s ability to leverage its entertainment assets for an extremely high dividend yield, will drive long-term shareholder value creation, making the shares a compelling value.”
price target of $34.40 implies upside potential of 14.5% to current levels.” data-reactid=”20″>Currently, the Street has a cautiously optimistic outlook on the stock. The Moderate Buy analyst consensus is based on 8 Buys, 3 Holds, and 1 Sell. With shares down over 23% year-to-date, the average price target of $34.40 implies upside potential of 14.5% to current levels.
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