AT&T reported strong Q2 earnings with service revenue increasing 2.7%, the fastest pace in three years, primarily driven
by a jump in wireless revenue per customer. This suggests an easing of competitive intensity in the wireless market.
Morningstar maintains its $27 fair value estimate for AT&T, noting that while the company's decision to accelerate share
repurchases is a mixed bag due to existing debt and future spectrum needs, the overall competitive landscape is
improving for the telecom giant.