Why Is AT&T INC (T) Stock Down Today?

AT&T shares fell 6.45% to close at $21.91 on October 21, 2026. The primary driver of the decline was a price target reduction by Goldman Sachs, which lowered its target to $27 from $30 citing competition concerns. This move occurred despite the company reporting third-quarter results that exceeded expectations on revenue and earnings.

What Happened

Goldman Sachs cut its price target on AT&T to $27 from $30, citing competition concerns. The rating action followed the release of AT&T's Q3 2026 earnings, where the company reported revenue of $32.3 billion, up 5.3% year over year, and adjusted EPS of $0.65, compared to estimates of $0.60. Adjusted EBITDA came in at $12.5 billion, surpassing the $12.34 billion consensus. The company also raised its 2026 adjusted EPS outlook to a range centered around $2.40 and targeted 60 million fiber locations by the end of the decade.

While the financial results were strong, the market reaction was negative. The stock had already declined 2.3% over the previous eight sessions, moving from $25.97 to $25.37. The latest drop extended the recent weakness, with the stock printing both fresh 52-week highs and lows on the same day, indicating high volatility.

What The Data Shows

AT&T's market capitalization stands at $159.0 billion with a P/E ratio of 7.7. The company maintains a dividend yield of 4.78% and a beta of 0.44. Revenue grew 2.6% on a trailing twelve-month basis, and the net margin is 16.9%. The 52-week range for the stock is $19.89 to $29.43.

Recent congressional activity shows 11 buys and 8 sells in the last 90 days. Notable recent filings include a purchase by David J. Taylor for $1,001 to $15,000 on October 9, 2026, and two purchases by Donald J. Trump in August 2026, totaling between $1.015 million and $5.05 million. Social media chatter remains moderate, with 10 posts in the last 24 hours and 11 in the past seven days.

What To Watch

Investors will monitor the impact of the raised 2026 earnings outlook against the backdrop of increased competition. The company's progress toward its 60 million fiber location target and its ability to sustain strong cash flow, reported at $5 billion for the quarter, will be key factors in the coming months.