AT&T downgraded by MoffettNathanson to sell on concern wireless can't carry the whole company

Randall Stephenson, chairman and chief executive officer of AT&T Inc., speaks during a Senate Judiciary Subcommittee hearing in Washington, D.C., U.S., on Wednesday, Dec. 7, 2016.
Andrew Harrer | Bloomberg | Getty Images

AT&T's wireless business can't offset the weakness in the company's other ailing segments, according to MoffettNathanson.

The firm downgraded AT&T to sell from neutral and kept its $30 per share price target. AT&T shares closed at $39.63 per share on Monday.