Deutsche Bank analyst Bryan Kraft raised the firm’s price target on AT&T to $24 from $23 and keeps a Buy rating on the shares. The firm says AT&T is its top pick in telecom and cable this year, and it believes the company’s Q4 results and 2024 guidance support a positive thesis. AT&T’s consistent execution since its leadership change in 2020, solid underlying trends across wireless and fiber broadband, and an ongoing focus on cost efficiencies should drive continued free cash flow growth in 2024 and beyond, the analyst tells investors in a research note.
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