Shares of AT&T Inc fell more than 5% to hit their lowest level in thirty years on Monday, after analysts downgraded the stock following a news report that the telecommunications giant left toxic lead cables buried across the United States.
Small toy figures with laptops and smartphones are seen in front of displayed AT&T logo, in this illustration taken December 5, 2021. REUTERS/Dado Ruvic/Illustrationfell more than 5% to hit their lowest level in thirty years on Monday, after analysts downgraded the stock following a news report that the telecommunications giant left toxic lead cables buried across the United States.
AT&T faces unquantifiable financial risks that would create a "long term overhang" for the stock since the company probably has a significant exposure to the toxic lead cables with its network reaching about 40% of homes in the U.S., Citi analysts, led by Michael Rollins, said in an investor note. JPMorgan analysts led by Philip Cusick on Friday downgraded their rating on AT&T to "neutral" from "overweight," citing worries over the repeated downward revisions for the company's key wireless and fiber growth businesses, the high interest rate environment, and new uncertainty over lead-sheathed cables.
AT&T's forward price-to-earnings ratio of 5.95 is less than the industry median of 8.78, according to Eikon data.
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