For a major stock in any sector, a recommendation upgrade from a top researcher can have an immediate and positive impact. Such was the case with AT&T (NYSE: T) on Tuesday, as an uptick from a big bank pushed the company's share price up to a nearly 2.3% gain on the day, more than three times the percentage increase of the S&P 500 index.

The bank doing the upgrading was Wells Fargo, whose analyst Eric Luebchow raised his AT&T recommendation to overweight (buy) from the previous equal weight (neutral). In doing so, he also lifted his price target on the stock to $22; previously, it was $17. That implies 13% upside from the telecom's current level.

Luebchow is confident enough on his move to also name AT&T as his top wireless telecom pick for 2023.

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Source Fool.com