AT&T receives 2 downgrades
AT&T (NYSE:T) shares fell more than 1% pre-market today after Citi downgraded the company to Neutral from Buy and cut its price target to $16.00 from $22.00.

On Friday, the company was downgraded by JPMorgan, which cut its rating to Neutral from Overweight with a price target of $17.00 (from $22.00).

The company is set to report its Q2/23 earnings on July 26. Street estimates stand at $0.60 for EPS and $30.04 billion for revenues.

Twilio shares drop on Piper Sandler downgrade
Piper Sandler downgraded Twilio (NYSE:TWLO) to Neutral from Overweight with a price target of $71.00 (from $56.00). As a result, shares fell more than 2% pre-market today.

According to analysts, the surge in Twilio’s stock since disappointing Q1 earnings in May was driven by positive conference comments, market trends, and potential activism. While Twilio appears to be more stable than in previous quarters due to reduced crypto and other headwinds, Piper Sandler believes uncertainties in the macroeconomic environment and recent divestitures will impact future sales estimates, which are currently deemed too optimistic.

2 more downgrades
PepsiCo (NASDAQ:PEP) shares fell around 1% pre-market today after Morgan Stanley downgraded the company to Equalweight from Overweight with a price target of $210.00, noting the stock is now fairly valued and it sees limited upside in H2 compared to Street estimates.

Last week, the company posted a strong Q2 earnings beat and raised its fiscal 2023 guidance.

TELUS International (NYSE:TIXT) received two downgraded following negative Q2 pre-announcement and fiscal 2023 guidance revision last week, which resulted in a share price drop of more than 31% on Friday.

Barclays downgraded the company to Equalweight from Overweight with a price target of $15.00 (from $23.00), while Citi slashed its rating to Neutral from Buy with a price target of $15.00 (from $24.00).