(RTTNews) - Elliott Management Corp. said that AT&T Inc. (T) is deeply undervalued, trading at just over half the multiple of the S&P 500, and urged the company to restructure its business, including cutting costs in units.
Elliott, which manages funds that collectively beneficially own $3.2 billion of AT&T, outlined a four-part plan - the Activating AT&T Plan - that would improve AT&T's share price and its business.
Elliott's letter stated that the Plan could enable AT&T to achieve a value per share of $60+ by the end of 2021.
In Monday's pre-Market trade, T is currently trading at $39.90, up $3.66 or 10.10%.
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