AT&T股价周一延续跌势，尾盘下跌约1.5%至24.78美元，势将连续第七个交易日收跌，创下3月底以来新低。过去六个交易日累计跌幅约3.7%，明显跑输标普500指数。
此轮连跌与市场风险偏好切换有关。随着美伊达成临时停火协议，资金从电信等防御性板块撤出，转向前期超跌的科技等进攻性板块。此外，法国巴黎银行上周将AT&T评级从“跑赢大盘”下调至“中性”，目标价从28美元降至26美元，分析师认为宽带市场竞争加剧，光纤业务增长面临定价与用户获取的双重压力。
尽管股价持续走低，公司基本面并非全无亮点。4月22日公布的一季报显示，营收同比增长2.9%至31.5亿美元，调整后每股收益0.57美元，均超市场预期。先进连接部门（含无线和光纤业务）收入同比增长4.7%至约285亿美元。公司给出的2026年全年每股收益指引为2.25至2.35美元。
目前华尔街分析师对AT&T的共识评级为“中度买入”，平均目标价约30.55美元。
风险提示方面，截至一季度末公司净债务仍高达1264亿美元，自由现金流同比下滑近20%至25亿美元，主要受光纤部署资本支出增加影响。公司当前季度股息为0.2775美元，年化1.11美元，对应约4.4%的股息率。
责任编辑：张俊 SF065
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