AT&T price target lowered to $27 from $29 at Wells Fargo

Wells Fargo lowered the firm’s price target on AT&T to $27 from $29 and keeps an Overweight rating on the shares. Discussing the wireless sector, the firm says it expects fundamentals to be better than feared in Q4, with upside to subscriber numbers, even if ongoing concerns around incremental competition are likely to weigh down sentiment, leading Wells to lower price targets across the board.