NewsBreak: AT&T stock surges as activist elliott takes stake – Investing.com, Investing.com

Stock Markets(1 hour ago (Sep 09, 2019 (***********************************************************: 40 AM ET )

        

© Reuters.                 

        

Investing.com – Shares in AT&T Inc (NYSE 🙂 surged in premarket trade on Monday after activist investor Elliott Management announced it had built a stake of 1.2% in the company, worth about $ 3.2 billion at current prices.

Announcement says the company’s “world-class collection of assets” is “deeply undervalued”.

Elliott says it’s targeting a stock price of over $ 60 by the end of 2021, over 60% above Friday’s close of $ 36. 25 and even above its record close of $ 59. 19 over 20 years ago.

Elliott says the AT&T still hasn’t articulated a clear plan for why it needs to own Time Warner.

Shares marked up 6.7% at $ 38. 69

                   

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