Evercore says AT&T rolls out attractive multi-year targets ahead of analyst day

Evercore ISI analyst Vijay Jayant notes AT&T rolled out new multi-year financial targets and an expanded capital returns program ahead of its analyst & investor day in Dallas. Notably, management expects about $10B in buybacks from 2025-2026 and $10B in 2027. The standout for the 2025-2027 financial outlook was mobility service revenue up 2%-3% annually, healthy adjusted EBITDA growth at +3% a year on the back of 3%-4% growth at Mobility and DD growth at Consumer Wireline partially offset by LDD declines at Business Wireline, Evercore adds. The firm has an In Line rating on the shares with a price target of $21.