The shares of AT&T (T.US) are under massive downward pressure, which has temporarily lifted share prices to levels not seen in more than 20 years. The reason for the nearly 4.5 per cent decline is the downgraded recommendation on the company's shares by J.P. Morgan to 'neutral' from its previous 'overweight' rating. The target price has also been reduced (17$ versus the previous 22$).
As reported by JPM, the company is facing slightly more pressure in its mobility segment from rivals Verizon, T-Mobile US and in the wired consumer services segment.
"We are concerned that incoming downward revisions for key growth businesses in wireless and fibre, the high interest rate environment and new uncertainty around lead-shielded cable will limit any meaningful rebound," - J.P. Morgan added.
AT&T is currently trading at 6.2 times forward earnings, against a historical average of 8.6x.
Source: xStation 5
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