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Citi opens 90-day positive catalyst watch on AT&T , sees improving market confidence

© Reuters. Citi opens 90-day positive catalyst watch on AT&T (T), sees improving market confidence

Citi opened up a 90-day Positive Catalyst Watch on AT&T Inc (NYSE:) in a note to clients Wednesday, as they expect disclosures over the next few months to improve market confidence in the stock.

“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,” Citi said in the note.

It added that the firm, which has a Buy rating and $22 price target on AT&T, believes the company’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,” the note concluded.

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