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AT&T (NYSE: T) fell from a high of almost $43 to less than $22 in a little over a year. T formed a long-term bottom, finally breaking out at $27 after executing a gold cross (confirmation of a long-term bull market).
But profit-taking in the past two weeks has caused a retrenchment back to support at $26.50.
The stock could pull back more, but its high quality and visibility make this the bluest of blue chip stocks, with a dividend yield of more than 6% and a strong buy recommendation by S&P (five stars).
The 12-month chart target is $32, but expect to see even higher prices longer term.
Next: Stock #3 Avnet Inc.
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