AT&T should be bought at current share levels, says JPMorgan

JPMorgan analyst Philip Cusick lowered the firm’s price target on AT&T to $22 from $23 and keeps an Overweight rating on the shares. The company’s operating business was solid in Q1 but volumes of sales and gross adds were down substantially year-over-year, the analyst tells investors in a research note. The firm sees a "very favorable risk/reward" at the $17.65 per share and recommends buying at current levels.