Despite analyst's upgrade, the author remains bearish on AT&T due to its debt. AT&T's commendable debt repayment efforts and its options as a low-risk income source are acknowledged, with a target price of $21 in the next 12 months.

Richard Choe sees AT&T's dividend as sustainable post 5G investment, expecting revenue and profit growth. Kannan Venkateshwar sees limited upside for Verizon, but suggests a positive narrative for AT&T in 2024.