Activist Investor Elliott Wants Changes at AT&T
Shares of AT&T (NYSE: T) jumped this morning on news that activist investor Elliott Management had taken a $3.2 billion stake in the telecommunications and media giant. The hedge fund has penned an open letter to AT&T's board of directors, outlining its thesis on why AT&T shares are severely undervalued and how the company can better maximize shareholder value. Elliott goes so far as to say that the stock could be worth $60 by the end of 2021 -- 65% higher than Friday's closing price.
Here's what investors need to know.
Image source: AT&T.
Source Fool.com
