Business Strategy and Outlook
| Michael Hodel, CFA |With the closing of the Warner transaction, we believe AT&T is in a much stronger place in the core telecom business, with renewed management focus, a stronger balance sheet, and a rightsized dividend, as well as a clear strategy to invest in its networks. Aggressively extending fiber and 5G coverage to more locations builds on its core assets—its existing network and customer base—and should allow AT&T to gradually expand its share of telecom spending.