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AT&T price target raised to $17 from $16 at Citi

Citi raised the firm’s price target on AT&T to $17 from $16 and keeps a Neutral rating on the shares ahead of the Q2 results. The analyst expects “solid” Q2 results, in line with the consensus on revenue and earnings and slightly ahead on EBITDA growth. The firm incorporated a further updated scenario estimate for possible lead-based cabling remediation of $8.5B into the model. It stays Neutral citing the uncertain risks from the industry’s legacy use of lead-sheathed cabling.

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