Boldyn Networks, in collaboration with AT&T, recently expanded cellular connectivity in New York City’s historic Joralemon Street subway tunnel, with full underground wireless service set to reach the crosstown G line next, enhancing access for riders between Brooklyn, Manhattan, and Queens. This move positions AT&T as the first carrier to provide mobile service to riders in these critical tunnel segments, highlighting the company’s ongoing investment in major transit connectivity upgrades and further differentiating its network in a highly competitive urban market. We’ll explore how AT&T’s leadership in NYC subway connectivity may influence its investment story and strengthen its urban network appeal.
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AT&T Investment Narrative Recap
To be a shareholder in AT&T, you need to believe that its continued investments in 5G and fiber will drive recurring revenue, higher customer lifetime value, and margin expansion through network convergence. The recent boost in New York City transit connectivity showcases AT&T’s commitment to leading urban wireless service. However, while this is a strong marketing advantage, it is not likely to materially shift the near-term catalyst, subscriber retention, nor does it resolve the key risk of elevated churn amid competitive pressures.
Among recent AT&T announcements, the acquisition of Lumen Technologies’ consumer fiber assets stands out. This move aligns with the company’s push for network expansion and is more directly tied to AT&T’s long-term growth drivers, such as improving return on fiber investments and reinforcing 5G-plus-fiber convergence as a pillar of its strategy. Both the subway connectivity project and the Lumen deal target larger, denser markets that are critical to near-term subscriber growth, but each must compete with aggressive cable and wireless rivals to make an impact.
Yet in contrast, the ongoing risk that AT&T’s heavy reinvestment and stepped-up capital spending could limit near-term free cash flow is something investors should be aware of…
Read the full narrative on AT&T (it’s free!)
AT&T’s narrative projects $130.6 billion in revenue and $17.0 billion in earnings by 2028. This requires 1.7% yearly revenue growth and a $4.3 billion earnings increase from the current $12.7 billion.
Uncover how AT&T’s forecasts yield a $30.62 fair value, a 16% upside to its current price.
Exploring Other Perspectives
T Community Fair Values as at Oct 2025
Some analysts on the bullish end were expecting AT&T to reach US$130.2 billion in revenue and US$17.6 billion in earnings by 2028, assuming accelerated fiber rollout boosts both margin and market share. These optimistic projections are far more upbeat about the payoff of AT&T’s infrastructure investments, so it’s a good idea to compare different outlooks and consider how new developments like the recent subway expansion might influence these forecasts moving forward.
Explore 16 other fair value estimates on AT&T – why the stock might be worth 30% less than the current price!
Build Your Own AT&T Narrative
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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
financial situation. We aim to bring you long-term focused analysis driven by fundamental data.
Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
Simply Wall St has no position in any stocks mentioned.
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