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AT&T shares close higher on Tuesday, company inks 10-year wireless network deal with Dish

AT&T Inc (T) has inked a 10-year deal with Dish Network valued at nearly $5 billion, under which AT&T will become Dish’s primary network services partner for wireless customers.

Under the agreement, AT&T will provide voice, data and messaging services to clients of Dish-owned mobile virtual network operators Boost Mobile, Republic Wireless and Ting.

Dish Network’s US retail wireless customers will also be granted access to voice and data roaming services on AT&T Inc’s network, the companies said.

According to Dish Network’s latest quarterly earnings report, the company has 8.89 million retail wireless subscribers. Meanwhile, AT&T has over 186 million mobile subscribers.

AT&T shares closed higher for the fourth time in the past ten trading sessions in New York on Tuesday. The stock went up 0.43% ($0.12) to $27.91, after touching an intraday low at $27.69 and an intraday high at $28.18 respectively.

Shares of AT&T Inc have retreated 2.96% so far in 2021 compared with a 15.10% gain for the benchmark index, S&P 500 (SPX).

In 2020, AT&T Inc’s stock went down 26.41%, thus, it again underperformed the S&P 500, which registered a 16.26% gain.

Analyst stock price forecast and recommendation

According to TipRanks, at least 7 out of 16 surveyed investment analysts had rated AT&T Inc’s stock as “Buy”, while 6 – as “Hold”. The median price target on the stock stands at $31.79.

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