The biggest threat to AT&T will be the inability to jettison landline telephone, as in jettison old technologies. The debt is slowly coming down, and now with the Federal Reserve reversal, interest rates aren't going up, good for companies with large debt. Right now, the market is betting on rates coming down.
The market monitor on Nightly Business Report recommended AT&T stock last Friday. I've been saying buy it at $30 and below - at around $32, I'm a bit more neutral. Part of the situation would be whether or not a stockholder's income situation is receptive to tax advantaged dividend income.
Good point from @ZulUg0J-1ocn.