Analyst Downgrades: AT&T Inc., Sonic Corporation, and Southwest Airlines Co

Analysts are weighing in on telecommunications stock AT&T Inc. (NYSE:T), fast-food concern Sonic Corporation (NASDAQ:SONC), and airliner Southwest Airlines Co (NYSE:LUV). Here's a quick roundup of today's bearish brokerage notes on T, SONC, and LUV.

• T was hit with a downgrade to "neutral" from "buy" at BRG, as the analysts noted they simply don't see much upside to the stock. Most analysts remain bullish on AT&T Inc., though, with 14 of 23 calling it a "buy" or better, and none rating it a "sell." This bullish outlook seems warranted, as T has boomed 21.7% in 2016 to trade at $41.88, touching an eight-year high of $41.89 on Thursday. The shares are 2% lower ahead of the open, however, as yesterday's "Brexit" vote is hammering global stocks. 
  
  
• SONC has lost almost 9% ahead of the open, after the company lowered its full-year sales outlook. Making matters worse, Jefferies, Guggenheim, and Barclays all lowered their price targets, with the latter setting the lowest mark at $30. At $30.35, Sonic Corporation has underperformed the S&P 500 Index (SPX) by more than 15 percentage points over the past two months, and short sellers would like to see this trend continue. Specifically, short interest accounts for over 10% of SONC's available float. 

• LUV fell 1.7% yesterday to $39.59 -- its lowest close since Feb. 19 -- as traders responded negatively to the company's investor conference. For example, the company announced the delivery of 67 Boeing 373 Max 8 jetliners would be postponed by up to six years. This morning, the shares are pointing to a 4.3% drop, following price target cuts to $49 from Cowen and to $54 from Credit Suisse. This might not be the last of analyst backlash toward Southwest Airlines Co, since eight of 12 brokerages recommend buying the stock, with no "sell" opinions to be found. In other words, it's possible additional downgrades could hurt LUV in the short term.