Baird lowered its price target on AT&T (NYSE: T) to $42.00 (from $43.00) while maintaining a Outperform rating.

Analyst William Power said with sentiment already abyssmal and numbers prereleased, they would have beet on a relief rally - although that didn't happen.

While frustrating, with wireless margins holding steady, the TWX merger on track, FirstNet still ahead, the potential tax reform benefits and sentiment terrible, they believe the dividend yield should limit further downside.