AT&T plans to reduce its workforce in Slovakia by about 10%, Reuters reported. Per the report, the mobile carrier’s move to cut jobs came as the COVID-19 pandemic took a toll on customer demand in the country.
AT&T (T) did not confirm the number of job cuts. However, Martin Horkavy, chairperson of the trade union representing AT&T workers, informed Reuters that roughly 300 jobs could be affected.
In an email to Reuters, AT&T’s spokesman said, “These actions align with our focus on growth areas along with lower customer demand for some legacy products and the economic impact and changed customer behaviours resulting from the COVID-19 pandemic.” (See T stock analysis on TipRanks)
Earlier on Jan. 4, Raymond James analyst Frank Louthan upgraded the stock to Buy from Hold and maintained a price target of $32 (9.7% upside potential), citing an upbeat view on the company’s prospects and strategy. In a note to investors, the analyst said, “shares are heavily shorted, and we believe this is a recipe for upside.”
Overall, the rest of the Street has a cautiously optimistic outlook on the stock with the analyst consensus of a Moderate Buy based on 7 Buys, 5 Holds and 2 Sells. The average analyst price target of $31.58 implies upside potential of about 8.3% to current levels. Shares have declined 17.8% over the past year.
What’s more, TipRanks’ stock investor tool shows that investors currently have a Very Negative stance on AT&T.
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