AT&T (NYSE:T) was downgraded by investment analysts at JPMorgan Chase & Co. from an “overweight” rating to a “neutral” rating in a note issued to investors on Wednesday, TheFlyOnTheWall.com reports. They currently have a $38.00 price target on the stock, up from their previous price target of $34.74. JPMorgan Chase & Co.’s price target suggests a potential upside of 9.38% from the stock’s previous close.
The analysts wrote, “We are downgrading AT&T from Overweight to Neutral and retain our YE2014 price target of $38. We believe that the headwinds that AT&T faced in wireless during 2013 will continue and likely expand in 2014, and new efforts like security or connected car are still maturing making a revenue or margin upside surprise unlikely. In wireline, consumer should continue to grow but enterprise remains weak, and we expect continued margin pressure from growth-based initiatives. For 2014 we expect guidance for again ~2% organic top-line growth and high single digit EPS, though this could be tough given a likely slower buyback than 2013. Finally we believe there is risk of distracting or potentially dilutive M&A, either domestic or international. Among service providers we prefer Comcast, T-Mobile US, or Bell Canada.”
Shares of AT&T (NYSE:T) traded down 1.08% on Wednesday, hitting $34.365. The stock had a trading volume of 16,206,515 shares. AT&T has a one year low of $32.76 and a one year high of $39.00. The stock has a 50-day moving average of $35.29 and a 200-day moving average of $35.02. The company has a market cap of $181.0 billion and a price-to-earnings ratio of 25.43.
AT&T (NYSE:T) last issued its quarterly earnings data on Wednesday, October 23rd. The company reported $0.66 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.66. The company had revenue of $32.16 billion for the quarter, compared to the consensus estimate of $32.16 billion. During the same quarter in the previous year, the company posted $0.62 earnings per share. The company’s revenue for the quarter was up 2.2% on a year-over-year basis. Analysts expect that AT&T will post $2.47 EPS for the current fiscal year.
Several other analysts have also recently commented on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of AT&T in a research note to investors on Friday, November 8th. They now have a $37.00 price target on the stock. Separately, analysts at BMO Capital Markets raised their price target on shares of AT&T from $34.00 to $35.00 in a research note to investors on Thursday, October 24th. They now have a “market perform” rating on the stock. Finally, analysts at Credit Suisse initiated coverage on shares of AT&T in a research note to investors on Tuesday, September 17th. They set an “outperform” rating and a $38.00 price target on the stock. One analyst has rated the stock with a sell rating, sixteen have issued a hold rating and four have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $37.16.
AT&T Inc (NYSE:T) is a holding company.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.