Why AT&T Stock Is Dropping Friday

AT&T Inc. T shares are trading lower on Friday after JP Morgan downgraded the stock and lowered its price target.

The Details:

JP Morgan analyst Philip Cusick downgraded AT&T from Overweight to Neutral and lowered the price target from $22 to $17.

AT&T is dropping on increased trading volume with more than 59 million shares already traded in the session. According to data from Benzinga Pro, the stock's 100-day average is 40.07 million shares.

AT&T will release its second quarter financial results on July 26 before the market open and will host a conference call to discuss the results at 8:30 a.m. ET the same day.

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T Price Action: According to Benzinga Pro, AT&T shares are trading lower by 4.56% at $14.43 at the time of publication.

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