Wolfe Research upgraded AT&T (NYSE:T) to Outperform from Peer Perform in a note Tuesday, maintaining a $21 per share price target on the stock.

　　The firm told investors in a note that amidst bad headlines about convergence, interest rates, and lead, AT&T is growing its core, gaining efficiency and paying down debt.

　　"It's time to take T seriously as a long," analysts declared, adding that "fundamentally, AT&T is on course." Furthermore, Wolfe believes churn, dampened by three years of retention investment, has improved to peer levels.

　　"Industry price increases have stuck amidst triopoly conditions for med./large accounts enjoying phone subsidies," analysts added. "Postpaid phone subscriber results have weathered competitive pressures as Charter & Verizon's relative share trends improved."