Verizon : SpaceX's Starlink threat causes Bernstein to cut Verizon, AT&T, Comcast PTs

Wall Street is beginning to factor SpaceX's growing telecom ambitions into its outlook for the US communications sector. Research firm Bernstein on Monday lowered price targets for five major telecom companies, citing valuation risks tied to SpaceX's Starlink business as investors increasingly assess the satellite operator's long-term competitive threat. The brokerage reduced its target on Verizon to $44 from $49 while maintaining a "Market Perform" rating. The revised target still implies an upside of roughly 3% from current trading levels. Charter Communications saw its price target cut to $170 from $210, also with a "Market Perform" rating, suggesting upside of around 29%. Bernstein also lowered Comcast's target price to $28 from $32 while maintaining a "Market Perform" rating. AT&T's target...