The latest trading session saw AT&T (T) ending at $23.16, denoting a -0.47% adjustment from its last day's close. The stock fell short of the S&P 500, which registered a gain of 0.56% for the day. Elsewhere, the Dow saw an upswing of 0.42%, while the tech-heavy Nasdaq appreciated by 0.83%.

Shares of the telecommunications company have appreciated by 3.24% over the course of the past month, outperforming the Computer and Technology sector's gain of 0.44% and the S&P 500's gain of 3.11%.

The investment community will be paying close attention to the earnings performance of AT&T in its upcoming release. The company is predicted to post an EPS of $0.49, indicating a 9.26% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $32.38 billion, up 1.13% from the year-ago period.

T's full-year Zacks Consensus Estimates are calling for earnings of $2.22 per share and revenue of $122.37 billion. These results would represent year-over-year changes of -7.88% and -0.05%, respectively.

Investors should also take note of any recent adjustments to analyst estimates for AT&T. Such recent modifications usually signify the changing landscape of near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the company's business operations and its ability to generate profits.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Currently, AT&T is carrying a Zacks Rank of #3 (Hold).

Investors should also note AT&T's current valuation metrics, including its Forward P/E ratio of 10.48. This signifies a discount in comparison to the average Forward P/E of 22.3 for its industry.

Investors should also note that T has a PEG ratio of 3.49 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Wireless National industry had an average PEG ratio of 3.22 as trading concluded yesterday.