shares of att inc sank toward a ninemonth low friday after jp morgan downgraded the telecommunications giant citing slowing growth drivers and uncertainty over potential liabilities regarding leadsheathed cables analyst philip cusick cut his rating to neutral after being at overweight since april 2022 and lowered his price target on the stock t to 17 from 22 based on management’s lowered outlook for the company’s wireless and broadband business in recent months cusick said he believes the mobility and consumer wireline businesses are facing more pressure while att’s stock is trading at “recordlow valuation” with a dividend yield of 734 as of thursday’s close “we worry that the repeated downward revisions for its key wireless and fiber growth businesses the high interestrate environment and new uncertainty regarding lead sheathed cables will limit any substantial rebound” cusick wrote in a note to clients the stock dropped 13 in premarket trading which puts it on course to open around the lowest closing prices since october 2022 the stock had closed unchanged thursday after falling 62 amid a sixday losing streak through wednesday that was the longest losing streak since it fell for seven straight days to june 16 2022 according to dow jones market data cusick said he has discussed the copper lead sheathing situation with many industry contacts but has been unable to find a reasonable way to calculate the potential liability he said he believes att will have more exposure than its rivals given its localexchange carrier lec business reaches about 40 of us homes and given it owns the original longhaul network “we see the potential liability as an unquantifiable longterm overhang for the stock which adds to the risk premium and drives much of our price target reduction” cusick wrote the company is scheduled to report secondquarter results on july 25 att’s stock has tumbled 241 over the past three months through thursday while the communication services select sector spdr exchangetraded fund xlc has rallied 145 and the sp 500 index spx has gained 90