Shares of telecom giant AT (NYSE: T) have been stuck in a downtrend since the start of the pandemic in 2020. From peak to trough, the stock was down more than 50% at one point during 2023.

The company's struggles to successfully integrate the expensive media acquisitions it had made over the previous decade initially kept a lid on the stock price. Once AT abandoned its media ambitions, culminating with the spin-off of WarnerMedia in 2022, uncertainty over its wireless business, concerns about its massive debt load, and general distrust from investors continued to put pressure on the stock.

Beginning in mid-2023, investor sentiment began to shift. A string of solid wireless subscriber gains, persistent growth for the company's fiber internet business, and boosted free cash flow guidance helped win over investors. Since bottoming out, AT stock has soared by about 33%. The stock currently trades for around $18 per share.

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Source Fool.com