Citi Reiterates Buy Rating on AT&T (T), expects solid results

Citi analyst Michael Rollins reiterated a Buy rating and $22.00 price target on AT&T (NYSE: T).

"We expect solid results that reflect stand-alone (PF) revenue and EBITDA growth on a yoy basis. We expect solid volume contributions from strategic services with wireless postpaid phone net adds of 450k (vs. VA consensus of 404k) and fiber broadband net adds of 300k (vs. VA consensus of 291k). We are updating our model for the previously-disclosed commentary on greater working-capital pressures in 1Q, while our FY23 outlook for reported FCF is unchanged at $16.2B, using T’s definition. We remain positive on Buy-rated T & believe the stock price can benefit from ongoing operating execution that supports its FY23 financial guidance."

For an analyst ratings summary and ratings history on AT&T click here. For more ratings news on AT&T click here.

Shares of AT&T closed at $19.79 yesterday.

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