Avoid AT&T stock during DOJ appeal of Time Warner merger, says Raymond James: 'This is a significant overhang'
Raymond James downgraded its outlook on AT&T to neutral from a buy, saying the DOJ's appeal is "a negative catalyst for the stock. The appeal process will take at least six months, the firm noted. "The downgrade’s just a reflection that the stock is probably going to go sideways" during that time, Raymond James analyst Frank Louthan said on "Squawk Box" on Friday.