AT&T price target raised to $28 from $26 at Citi

Citi raised the firm’s price target on AT&T to $28 from $26 and keeps a Buy rating on the shares. AT&T provided a favorable update on its multi-year financial outlook at the analyst meeting, while reaffirming an organic approach to investing and growing financial performance, the analyst tells investors in a research note. The firm views the combination of annual service revenue growth and faster EBITDA growth as a “potential catalyst for a better valuation.” Citi also views the multi-year fiber update to pass more homes with potentially deeper penetration as accretive to Citi’s prior outlook and consensus.