Oppenheimer raised the firm’s price target on AT&T to $32 from $29 and keeps an Outperform rating on the shares. The firm is also updating its model for new reporting format, which is intended to reflect the company’s focus on convergence. It now breaks out Legacy; Oppenheimer has been early in predicting its rapid decline to becoming immaterial by 2029 as it shuts down its copper plant. This is a $3.5B negative swing to EBITDA over the next 2-years or so, pressuring EBITDA growth through 2027 but a tailwind beyond, the firm adds.
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