AT&T has announced a number of new initiatives and loans to add some more confidence to the business which has seen a 23% share price decline over the last six weeks.

As several analysts lower their target prices on AT&T stock amid the coronavirus outbreak, the telco has offered the market a financial update to add more confidence in the business. While share price has stabilising over the last few days around $29, it is 23.75% lower than the high of $38.61 on February 20.

AT&T share target prices taken from Market Realist

Forecasting the performance of the financial markets is far from an exact science, and it is worth bearing in mind the above target prices are for different timeframes, though all of the revisions over the last 15 days are heading in the same direction.

To combat the negative swing, AT&T has announced a number of measures which could add more confidence thanks to increased cash flow.

Firstly, AT&T has reminded the market that it had about $12 billion in cash on hand by the end of 2019, but to bolster this position it has announced a $5.5 billion term-loan agreement at competitive rates with 12 banks provide additional financial flexibility.

After completing a $4 billion Accelerated Share Repurchase (ASR) agreement in March, AT&T cancelled an additional $4 billion ASR to ensure further financial security. Elsewhere in the business, AT&T will gain $2 billion after the investment in the Central European Media Enterprises business unit, while the team expects to close the sale of its Puerto Rico and US Virgin Islands operations later this year.