NewsBreak: AT&T Stock Surges as Activist Elliott Takes Stake - Investing.com

© 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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https://www.investing.com/news/stock-market-news/newsbreak-att-stock-surges-as-activist-elliott-takes-stake-1973384

2019-09-09 12:40:00Z
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