Telecom stocks aren’t doing so well on Monday after several players in the space were hit by downgrades from Citigroup.
AT&T (NYSE:T), Frontier Communications (NASDAQ:FYBR) and Telephone and Data Systems (NYSE:TDS) were all downgraded by Citi analyst Michael Rollins. This follows a report from The Wall Street Journal claiming that these companies own large amounts of lead-covered cables spread across the United States. The piece points out the potential toxicity of these cables as well as the costs they could have on the companies.
Let’s get into the telecom stocks downgraded below and how the news is affecting these companies’ shares.
Telecom Stock Down on Monday
- AT&T stock starts us off with a downgrade from “buy” to “neutral.” The firm also lowered its price target for shares to $16. The stock is down 4.3% as of Monday morning.
- Frontier Communications shares are next with a downgrade from “buy” to “neutral.” This also comes with a lowered $17 price target for FYBR stock. These shares are sliding 9.6% as of this writing.
- Telephone and Data Systems stock is last on the list with a downgrade from “buy” to “neutral.” With that comes a price target drop to $8 per share. TDS stock is falling 4.3% this morning.
Investors on the lookout for even more of the most recent stock market news will want to keep reading!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
