After 2 years of misery, Ma Bell breaking out

An AT&T store in New York.
Scott Mlyn | CNBC
An AT&T store in New York.

This bull market hasn't been kind to AT&T.

Its shares are down more than 9 percent in two years

The company, known affectionately as "Ma Bell" over the years, was tossed out of the Dow Jones industrial average in March, a benchmark it first entered nearly a century earlier.

After the removal, the stock fell to near its lowest level in three years.

Well things may be finally looking up. Three Wall Street analysts said this month that the misery has gone on long enough, and they upgraded the stock. Two of those upgrades occurred Tuesday, from UBS and Barclays.

Here's why they could be right.