Elliott Management Sends Letter to Board of Directors of AT&T
Comment of the Day

March 30 2021

Commentary by Eoin Treacy

Elliott Management Sends Letter to Board of Directors of AT&T

This letter may be of interest to subscribers. Here is a section:

The purpose of today’s letter is to share our thoughts on how AT&T can improve its business and realize a historic increase in value for its shareholders. Elliott believes that through readily achievable initiatives – increased strategic focus, improved operational efficiency, a formal capital allocation framework, and enhanced leadership and oversight – AT&T can achieve $60+ per share of value by the end of 2021. This represents 65%+ upside to today’s share price – a rare opportunity for any company, let alone one of the world’s largest.

Eoin Treacy's view

There is increasing appetite for the companies that were left behind in the big 2020 surge. That’s being driven by the expectation for economic revival which will help to repair earnings potential and also by the rotation away from the stocks leveraged investors have been active in.

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