AT&T’s Bear Case Largely Has Played Out. The Stock Has Limited Downside Risks.

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Shares of AT&T were rising Friday after receiving an upgrade from Wells Fargo on limited downside risks.

Analyst Eric Luebchow upgraded the stock to Equal Weight from Underweight, and raised his price target to $27 from $26.

“With shares down -11.9% in 2021 (vs. S&P of 27.0%), we think downside risks are more limited, particularly with our…