Bernstein calling AT&T a “Top Telco 2026” makes sense on paper: bundling wireless with fiber means stickier customers and higher lifetime value, and its fiber build-out plus EchoStar spectrum and satellite partnerships widen its connectivity moat. That’s a strategic narrative, not a fairy tale.But reality bites: U.S. telecom is saturated, margins get chewed by discounts, and short-term earnings and price action look weak. So if you’re in it for the long-term convergence story, AT&T has merit — but don’t expect a turbo boost overnight just because a research house likes it.
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