Citi Remains A Buyer Of T

Citi is remaining a buyer of AT&T T “with an upwardly-revised target price of $34 based on an improving industry backdrop and company-specific catalysts” that relate to: 1) “Prospects for wireless metrics to improve during the 2H/11,” Citi writes. 2) “Enterprise revenue recovery with growth expected by FY12. 3) “Upside potential from merger related synergies from the pending acquisition of T-Mobile. 4) “A discounted valuation versus some of its larger peers.” AT&T closed Tuesday at $30.70.