AT&T price target lowered to $17 from $18 at JPMorgan

JPMorgan lowered the firm’s price target on AT&T to $17 from $18 and keeps a Neutral rating on the shares. Wireless industry trends remain solid with steady postpaid phone growth and very low upgrade activity despite the launch of the new iPhone 15, the analyst tells investors in a research note. The firm says carrier promotions are attractive to customers with high headline trade in values, especially for switchers and new lines, but churn is running near record-low levels and subscribers appear to be holding onto their phones for longer. It raised AT&T’s Q3 postpaid phone adds estimate to 400,000 and lowered its upgrade rate to 3.3%.