AT&T (NYSE: T) stock had been on a roll, more than doubling from July 2023 to a closing high of $28.10 on March 27, 2026. However, after a strong start to 2026, AT&T stock has since come under pressure from the potential threat of Space Exploration Technologies (NASDAQ: SPCX) entering the U.S. mobile market. While the stock is becoming more attractively valued, I wouldn't be buying it just yet. Let's dig into AT&T's recent results and prospects to see when might be a good time to buy the stock. AT&T CEO John Stankey addressed a potential SpaceX threat on the company's earnings call this week, although it wasn't enough to assuage investor fears. He said that low earth orbit (LEO) satellites are a way to expand wireless connectivity in rural areas, but not a means to replace wireless networks. Stankey said that in metropolitan areas, typically 40% to 45% of wireless traffic comes from inside buildings that cannot be efficiently served by traditional outdoor macro cell towers or LEOs. As such, it would take years of heavy investments for SpaceX to get to the performance levels of incumbent players.
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