Barclays analyst Kannan Venkateshwar upgraded AT&T Inc. from Equal-Weight to Overweight and a $30 price target. The price target implies an upside of 26.2 percent. Venkateshwar cited valuation and Warner deal benefits behind the re-rating. Wireless is AT&T’s most prominent business, contributing about 40 percent of revenue. AT&T is the third-largest U.S. wireless carrier, connecting 66 million postpaid and 17 million prepaid phone customers. WarnerMedia contributes ~20 percent of revenue with media assets that include HBO, the Turner cable networks, and the Warner Brothers studios. AT&T aims to spin Warner off and merge it with Discovery Inc. to create a new stand-alone media firm. The company recently stated regulatory review process is proceeding as expected regarding the pending WarnerMedia-Discovery transaction. By Anusuya Lahiri  © 2021 The Epoch Times. The Epoch Times does not provide investment advice. All rights reserved.