Analyst Craig Moffett downgraded AT & T to underperform from market perform, saying it's time to sell the stock ahead of 2023 after its outperformance this year.
Shares of AT & T are down just 0.5% in 2022, compared to the S & P 500's roughly 19% decline.
"Over the period of AT & T's sharp bounce, free cash flow expectations for the company have only worsened," Moffett wrote.
Unfortunately, the heavy stream of promotions from Verizon are starting to weigh on AT & T, according to the analyst.
Separately, the analyst upgraded shares of Verizon to market perform from underperform.