AT&T Stock Has Been Quietly Rallying Since the Start of July. After a Strong Q2, Is It Due to Soar Even Higher?

AT&T stock has rallied 18% since early July as SpaceX struggles, recovering from earlier concerns about competitive disruption. The company posted solid Q2 earnings with $31.6B in revenue and strong customer additions (646K internet net adds, 432K postpaid phone net adds). Trading at 10x forward earnings with a 4.6% dividend yield, analysts suggest the stock has further upside potential.