If AT&T continues to report solid financial results like Q1, the stock could head toward the analyst's price target this year. But there are risks to watch for, such as the possibility of an economic downturn and a sudden shift in the competitive landscape if other wireless service providers get more aggressive with promotional offers.

Dallas, Texas-based AT&T Inc. (T) is one of the largest wireless service providers and leading communications service carriers in North America. With a market cap of $196 billion, AT&T operates through the Communications and Latin America segments and serves over 240 million people as their carrier.

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