U.S. markets open in 2 hours 50 minutes
  • S&P Futures

    4,162.75
    -13.00 (-0.31%)
     
  • Dow Futures

    34,124.00
    -82.00 (-0.24%)
     
  • Nasdaq Futures

    12,750.25
    -26.50 (-0.21%)
     
  • Russell 2000 Futures

    1,968.60
    -10.70 (-0.54%)
     
  • Crude Oil

    77.94
    +0.80 (+1.04%)
     
  • Gold

    1,893.20
    +8.40 (+0.45%)
     
  • Silver

    22.47
    +0.29 (+1.30%)
     
  • EUR/USD

    1.0752
    +0.0021 (+0.19%)
     
  • 10-Yr Bond

    3.6740
    0.0000 (0.00%)
     
  • Vix

    18.83
    -0.60 (-3.09%)
     
  • GBP/USD

    1.2097
    +0.0045 (+0.37%)
     
  • USD/JPY

    130.6640
    -0.4080 (-0.31%)
     
  • BTC-USD

    23,188.30
    +201.07 (+0.87%)
     
  • CMC Crypto 200

    535.07
    +9.12 (+1.73%)
     
  • FTSE 100

    7,925.67
    +60.96 (+0.78%)
     
  • Nikkei 225

    27,606.46
    -79.01 (-0.29%)
     

AT&T Likely To Grow Volumes And Revenue Amid Cost Cuts, Analyst Says

  • Citigroup analyst Michael Rollins maintained AT&T Inc (NYSE: T) with a Buy and raised the price target from $20 to $22.

  • The analyst expects AT&T to report generally in-line financials when it reports 4Q22 earnings on Jan. 25, 2023, while appreciating the prospects for the company to guide for financial growth on overall service revenue, EBITDA, and FCF for 2023.

  • Management commentary from Citi’s CME Conference left Rollins comfortable with recent (4Q) strategic volume growth and the prospects during 2023.

  • The analyst believes investors are looking for FCF growth on AT&T’s definition in 2023 over 2022 (consistent with recent management commentary) relative to the VA consensus ($15.0-16.3 billion, depending on method) and his expectation ($15.7 billion).

  • Rollins remains positive on AT&T shares, with opportunities to grow strategic volumes and revenue while cutting costs to support better EBITDA and FCF in 2023 over 2022.

  • The re-rating reflected the recent moderation in rates.

  • Also Read: Verizon Clocks 1.43M Retail Postpaid Net Additions In Q4, FY23 Outlook Lags Wall Street Consensus

  • Price Action: T shares traded higher by 0.68% at $19.23 on the last check Tuesday.

  • Photo Via Company

Latest Ratings for T

Date

Firm

Action

From

To

Mar 2022

TD Securities

Downgrades

Buy

Hold

Feb 2022

JP Morgan

Upgrades

Neutral

Overweight

Feb 2022

Raymond James

Maintains

Outperform

View More Analyst Ratings for T

View the Latest Analyst Ratings

Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.

This article originally appeared on Benzinga.com

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.