4 big analyst cuts: AT&T slashed to Neutral, Progressive downgraded after Q2 miss

investing.com:

Here is your Pro Recap of the biggest analyst cuts you may have missed since yesterday: downgrades at AT&T, Progressive, Alcoa, and SoFi Technologies.

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AT&T (NYSE:T) shares fell more than 1% pre-market today after JPMorgan downgraded the company to Neutral from Overweight and cut its price target to $17.00 from $22.00, noting that the company is experiencing slightly increased pressure in the Mobility sector from Verizon Communications (NYSE:VZ), T-Mobile US (NASDAQ:TMUS), and cable providers, as well as in the Consumer Wireline segment from cable and FWA providers. Additionally, AT&T is facing ongoing challenges in the Business Wireline sector.

Despite AT&T shares currently trading at a historically low valuation, JPMorgan believes any substantial rebound is limited given repeated downward revisions for its key wireless and fiber growth divisions, as well as the high-interest rate environment and the emergence of uncertainties surrounding lead sheathed cables.

Wells Fargo downgraded Progressive (NYSE:PGR) to Equal Weight from Overweight with a price target of $128.00, as reported in real time on InvestingPro.

Shares plunged more than 13% yesterday after the company reported its Q2 results, with EPS of $0.57 and revenue of $14.72 billion coming in worse than the consensus estimate of $0.89 and $15.01B, respectively.

JPMorgan downgraded Alcoa (NYSE:AA) to Neutral from Overweight and cut its price target to $36.00 from $54.00 amid weaker aluminum fundamentals and mine permitting uncertainty. Shares fell more than 2% pre-market today.

Morgan Stanley downgraded SoFi Technologies (NASDAQ:SOFI) to Underweight from Equalweight