Barclays analyst Kannan Venkateshwar upgraded Time Warner (TWX) to Overweight saying AT&T (T) has a "number of ways" to deal with regulatory concerns over the merger. Both companies will try hard to avoid a Federal Communications Commission review while the Department of Justice is likely to incorporate conditions similar to the Comcast-NBCU deal, Venkateshwar tells investors in a research note. The analyst raised his price target for Time Warner shares to $95 from $74. He likes the risk/reward for the shares. If the deal does not go through, there is a good case to be made that the stock could be at the pre-deal break price or even higher, the analyst contends.

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FY25 EPS consensus $2.16.

Reports Q1 revenue $30B, consensus $28.65B. Reports Q1 349,000 postpaid phone net adds. "Our results this quarter reflect continued strong growth in our Mobility and Consumer Wireline connectivity businesses, which represent about 80% of our total revenues," said John Stankey, AT&T CEO. "Customers are choosing AT&T and staying with us. We achieved a record-low first-quarter postpaid phone churn, grew consumer broadband subscribers for the third consecutive quarter, and expanded margins in Mobility and Consumer Wireline. We're also delivering on our commitment to grow and improve the quality and cadence of free cash flow, which increased by more than $2 billion year over year. This consistent, solid performance driven by our investment-led strategy gives us confidence to re-affirm our full-year consolidated financial guidance."