For the faithful who have steadfastly held onto their AT&T stock, you may be rewarded soon. Don't cash in yet - true profitability is still a way off, but the seemingly interminable nosedive of the stock price could finally be gently sloping upward.
According to analyst Simon Flannery, Morgan Stanley Dean Witter, AT&T stock could double in the next year. Flannery raised his rating of the stock from "neutral" to "strong buy," saying that the attitude toward T has gotten more bullish as analysts' expectations have come down. While something of a backhanded compliment, the stock may rally because bargain shoppers look for battered stocks at the beginning of the year.
T opened at $22 5/8, a slight comeback after a 52-week low of $16 1/2.
Flannery may be alone in a crowd. Other analysts are taking a wait-and-see approach.