AT&T, Verizon downgraded at Oppenheimer following hefty bids for spectrum
February 25, 2021 at 10:30 AM EST
Oppenheimer analyst Timothy Horan downgraded shares of AT&T Inc. and Verizon Communications Inc. to perform from outperform Thursday, after the Federal Communications Commission revealed the results of a recent spectrum auction, showing that the two telecommunications companies were overwhelmingly the largest bidders in an expensive auction.