BNP Paribas lifted T to Outperform on September 21, raising its price target from $26 to $30. Options traders responded fast. The put-call ratio has dropped to 0.69 — nearly two standard deviations below its 20-day mean.
Sam McHugh at BNP Paribas wasn't the only one moving higher. Wolfe Research upgraded AT&T to Outperform in July, setting a $29 target. Morgan Stanley lifted its target from $25 to $27 while maintaining Overweight. The consensus now sits at Buy, with a mean price target of $29.01 — implying roughly 14% upside from the current $25.45 close.
TD Cowen is the outlier, holding at Hold with the highest target on the Street at $33. Wells Fargo remains at Underweight with a $20 target. The range is wide. But the direction of recent moves skews constructive.
The PCR stood at 0.77 as recently as September 18. It now sits at 0.69. That's a sharp move in less than a week. The 20-day mean is 0.74. At nearly two standard deviations below that mean, call buying is clearly outpacing puts.
The 52-week PCR low is 0.49. There is room to run lower if sentiment continues to build. The 52-week high is 0.84 — where bearish options pressure peaked earlier this year.
Short interest edged up 9% on September 24 to 132.6 million shares. At 1.87% of free float, the level is low. The lending market is extraordinarily loose — shares available to borrow vastly exceed demand. This isn't a squeeze setup. It's background noise.
Earnings land October 21. The last print sparked a 3.1% one-day move and a 7.5% five-day gain. The July 2026 print before that saw a 2.9% one-day loss. Analyst targets and options sentiment are pointing one direction. The earnings report will be the real test.
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