Conference Call // AT&T: What Do You Have to Believe? 

    On the surface, AT&T’s three year guidance doesn’t look particularly ambitious. But dig into the numbers and it gets hard to see how the math can work. After a strong year-to-date rally that has left AT&T’s shares meaningfully overvalued in our view, we think fundamentals are poised to matter again. In a clients-only conference call on Friday, November 22nd at 10 am ET, Craig will discuss our recent downgrade of AT&T.

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