Why AT&T Stock Slumped Today

AT (NYSE: T) wasn't headed into the weekend on a high note. On Thursday, the incumbent telecom stock lost 2% of its value, not least because a pundit reduced his price target. That decline was notably steeper than the 0.6% dip of the S 500 index.

Well before market open, JPMorgan Chase's Philip Cusick shaved $1 off his AT fair-value estimation to $17 per share. In doing so, he maintained his neutral recommendation on the telecom stock.

The reasoning behind Cusick's move wasn't immediately clear. Certain recent developments are providing some support for bearishness on the stock, or at least the lack of enthusiasm for the company's prospects.

Source Fool.com