Fair value: $30.00.My conservative take is current price = $26.5\r\nOne year target [both pieces] = share price of $30\r\n13% in cap appreciation + dividends.External notes:\r\nAT&T trades like a Junk bond - but has an investment grade rating.\r\nAT&T has an enormous subscriber base which is unlikely to change. Not only does this bring a recurrent and non-volatile revenue stream - there are also enormous entries of barriers to enter this industry. The telecommunication industry is basically an Oligopoly and will remain so for the foreseeable future. Their enviable position is similar to the one that Oil companies had at the end of the 19th centurty. As long as AT&T keeps on making their capital investments, their position seems unassailable.\r\n5G will only consolidate their position and give them further growth. That and having a significant chunk of their debt taken off their balance sheet shortly, makes this not only a very safe investment, but also an incredible bargain. AT&T is already investment grade, but will inevitably receive and A rating once the Discovery deal closes.\r\nI would buy it just for the dividend, but with a rerating, growth from 5G and Iphone 13 and the potential of Warner Bros. Discovery, AT&T is also very well positioned for significant capital gains.