Citi Reaffirms Buy Rating on AT&T, Sees Potential Positive Catalysts Ahead of Analyst Meeting

Citi analysts maintained a Buy rating for AT&T (NYSE:T) with a price target of $24 on the stock. The bank highlighted the upcoming analyst meeting on December 3 as a potential positive catalyst, where AT&T could outline updates to its long-term strategy, financial outlook, and capital allocation plans.

The analysts anticipate that AT&T will continue its strong expansion of its fiber footprint and might introduce a multi-year share repurchase program, estimated at around $20-30 billion over the next four years. Additionally, they expect AT&T to maintain financial flexibility, positioning the company for potential spectrum acquisitions and further investments in inorganic fiber growth.