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AT&T may own more than you think. Aside from a wireless carrier, they also own DirecTV and WarnerMedia - which includes HBO, CNN, and TNT. Owning a cable distribution company in DirecTV and owning the channels and content itself should drive efficiency. AT&T seems to be on the weak end of acquiring wireless customers as of now but the pendulum always swings between carriers every few years (although T-Mobile is on a tear).
The real reason for getting involved here in the value. Trading at a P/E of 8 and a dividend well over 6% the stock is screaming value. The dividend seems safe because of the outstanding cash flow. AT&T is attacking their debt load paying down as much as they can which is a nice sight to see. I think investor optimism is low here with the stock trading below $30 and has more upside than downside. I put on a position here and think the stock can definitely trade north of $35 and if they execute on all cylinders can trade into the 40's.