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StocksMediumUpdated×4•Originally published 16 April 2026•Updated 18 April 2026•

1 min read

AT&T and Autodesk Downgraded as Analysts Turn Cautious on Software and Telecom

Key Facts

1Exane BNP Paribas downgraded AT&T (T) from Outperform to Neutral, triggering a 2.39% intraday stock decline.

about 2 months ago

Version History

Version 4about 2 months ago

What changed: Updated the story to include Asset Management One's portfolio adjustments, AT&T's updated consensus price target, and significant insider selling at Extra Space Storage.

Version 3about 2 months ago

What changed: The story was updated to include price target hikes for AT&T by Wells Fargo and Scotiabank, reinforcing positive sentiment despite previous downgrades.

Version 2about 2 months ago

What changed: The story was updated to include AT&T's new fiber growth targets, 2024 free cash flow guidance, and details regarding new partnerships with Lumen and EchoStar.

Version 1about 2 months ago

What changed: The story was updated to provide broader context on AT&T, noting that despite the downgrade, the consensus remains a 'Moderate Buy' with several banks maintaining bullish targets, while also linking market performance to the drop in crude oil prices.

Despite previous rating pressures, AT&T maintains a 'Moderate Buy' consensus rating with an average price target of $30.74, supported by ambitious fiber targets and strong free cash flow guidance for 2024. However, recent filings show Asset Management One Co. Ltd. reduced its stake in AT&T by 1.9% during the fourth quarter as part of a broader portfolio rebalancing that favored Walt Disney and Royal Caribbean over RTX Corp. Meanwhile, Extra Space Storage faced insider pressure as its CEO sold over $1 million in shares, reducing his direct ownership by 10.14%. These institutional shifts occur as the market weighs AT&T's resilient operational outlook against ongoing volatility in the software sector involving Autodesk. Management remains focused on achieving 3-4% EBITDA growth, providing a fundamental floor despite minor institutional divestments.