Bernstein cuts AT&T rating, says SpaceX will fuel prolonged investor debate

Investing.com -- Bernstein downgraded AT&T to Market Perform and adjusted price targets across telecom and cable in a recent note, citing competitive pressure from SpaceX's push into broadband and wireless. Before you buy NVIDIA: our AI model's stock picks are beating the market by 120%+. See the list now » Analyst Laurent Yoon said the downgrade and price target change to $24 from $25 does not reflect a meaningful change to estimates. Instead, it reflects what he expects to be a drawn-out debate over Starlink's impact as its broadband capacity expands. "In the current environment, we find it increasingly difficult to justify an Outperform rating on incumbent operators, even at discounted prices, as volatility seems inevitable," Yoon wrote.