Here are the biggest calls on Wall Street on Wednesday.
Deutsche initiated coverage on the stock and said it had a "unique scale" across the communications and media business.
"AT&T has unique scale across a wide range of media and communications businesses (fiber, spectrum, satellite TV, television programming, film/TV production, and streaming). The stock has underperformed the S&P 500 and Verizon over the past 3, 5, and 10 year periods, but has outperformed VZ over the past 12 months thanks to a renewed focus on driving cost efficiency, restoring financial discipline to AT&T's pay TV businesses, and cleaning up the balance sheet/ non-core asset portfolio, all of which have allowed the company to recently return to a more shareholder friendly capital allocation strategy featuring share repurchases in addition to AT&T's regular dividend."
Citi downgraded the stock on valuation.
"EL's share price is up 60% over the last 12 months. With this performance behind it, the stock is now trading at 34x our CY20 EPS forecast, or an 80% premium to the market, which puts it close to its all-time high relative valuation."