AT&T price target lowered to $23 from $25 at TD Cowen

TD Cowen analyst Gregory Williams lowered the firm’s price target on AT&T to $23 from $25 and keeps a Market Perform rating on the shares. The analyst said management remains very confident in its $16B FCF guide but obviously a "show me" especially following its history of EBITDA-to-FCF conversion and prior downward FCF revisions.