Citi Opens Catalyst Watch on AT&T (T)

Citi Opens Catalyst Watch on AT&T (NYSE: T)

Analyst Michael Rollins comments "We are adding AT&T to Citi’s Positive Catalyst Watch list as we expect disclosures over the next few months to improve market confidence on the opportunity for AT&T to generate FCF of $16 billion or better during 2023 as well as reduce capital spending significantly during 2024 that can support some multiple expansion from the current level. We believe AT&T’s investment strategy should yield modest revenue growth, better EBITDA growth, and better FCF for 2023 and continuing into 2024. We believe AT&T’s Core EV/EBITDA at 6.1x on our 2023 estimates has room for expansion, as its trading at the low-end of its competitors."

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