AT&T (T) got a major upgrade this morning as Goldman Sachs moved it to “buy” and added the stock to its Conviction Buy List.

Jason Armstrong said in his research report that “We believe an aggressive estimate reset, a safe dividend, and positive trends in upcoming 1Q results fortify AT&T as a relatively safer investment at this point.”

Armstrong added that the AT&T earnings estimates were likely to be conservative and kept its 12-month price target at $30.

AT&T trades just below $24.

Douglas A. McIntyre