AT&T Stock Sees Modest Dip After Downgrade

Keybanc called the company a "value trap"

Deputy Editor
Oct 5, 2020 at 3:07 PM
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The shares at AT&T Inc (NYSE:T) are down 0.2% at $28.60 at last check, after Keybanc downgraded the stock to "underweight" from "sector weight" while calling it a "value trap." The firm sees "few positive catalysts" for the company outside of asset sales, and noted that earnings, which are due out Oct. 22, could be a negative catalyst. 

On the charts, the 10-day moving average swooped in to catch today's pullback, the stock down at $28.36 during its session lows. Still on the rise from its brief September respite, the equity is down 26.7% year-to-date. 

Coming into today, analysts appear split on AT&T stock, with six out of the 16 in coverage at a "buy" or better rating, eight at a tepid "hold," and two a "strong sell." Meanwhile, the 12-month consensus price target of $32.02 is an 11.8% premium to current levels.

Moving over to the options pits, puts are looking especially popular as of late, though calls still outweigh puts on an overall basis. T's 50-day put/call volume ratio of 0.80 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) stands higher than 84% of readings from the past year, showing that long puts are being picked up at a faster-than-usual rate.

 

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