据伯恩斯坦（Bernstein）称，随着SpaceX深化其在无线连接服务领域的布局，AT&T可能面临压力。该投资机构将AT&T的评级从“跑赢大盘”下调至“大盘同步”。它还将目标价从25美元下调至24美元，意味着较周一收盘价约有7%的上涨空间。
AT & T could come under pressure as SpaceX deepens its push into wireless connectivity services, according to Bernstein. The investment firm downgraded AT & T to market perform from outperform. It also lowered its price target to $24 from $25, implying roughly 7% upside from Monday's close.
分析师Laurent Yoon周一在致客户的报告中表示：“我们下调AT&T评级，以反映SpaceX进军宽带和无线业务带来的持续且合理的压力，这进一步加剧了现有运营商近期的定价举措以及预期中的第四季度季节性因素。”“在当前环境下，我们发现越来越难以证明给予现有运营商‘跑赢大盘’评级的合理性，即使是在折价情况下，因为波动似乎不可避免。”
"We are downgrading AT & T ...to reflect the ongoing - and justifiable - pressure from SpaceX's foray into both broadband and wireless, further exacerbating recent pricing moves by incumbents and expected Q4 seasonality," analyst Laurent Yoon said Monday in a note to clients. "In the current environment, we find it increasingly difficult to justify an Outperform rating on incumbent operators, even at discounted prices, as volatility seems inevitable."
上个月，SpaceX发射了“星舰”14号任务，成功部署了首批星链V3卫星。Yoon表示，这标志着该公司名为“星链”的无线服务“很可能将迎来重大产能扩张”的开始。
Last month, SpaceX launched its Starship 14 mission, successfully deploying its first batch of Starlink V3 satellites. That marked the beginning of "what is likely to be a significant capacity expansion" for the company's wireless service called Starlink, Yoon said.
这家由埃隆·马斯克领导的公司扩张无线连接业务的举措，凸显了新兴卫星公司对传统电信企业构成的威胁。据伯恩斯坦称，初创公司在无线领域正获得更多市场份额，这可能加速既有电信运营商定价权的削弱。
T YTD mountain T in 2026 The Elon Musk-led company's bid to expand its wireless connectivity business underscores the threat newer satellite-based companies pose to traditional telecom firms. Startups are gaining more market share in wireless, and that could accelerate an erosion in established telecom players' pricing power, per Bernstein.
Yoon表示，因此，SpaceX进军无线领域可能引发一场“关于星链影响及其采取定价行动可能性的长期投资者辩论”。“我们毫不怀疑星链有很长的跑道继续吸引用户订阅，”该分析师写道。“颠覆程度仍有争议，但随着V3星座规模扩大和星链获得更灵活的竞争能力，这种阴霾不太可能消散。”
As a result, SpaceX's foray into wireless is likely to kick off a "prolonged investor debate around Starlink's impact and the likelihood of Starlink's pricing action," according to Yoon. "We have little doubt that Starlink has a long runway to continue attracting [subscriptions]," the analyst wrote. "The degree of disruption remains debatable, but the overhang is unlikely to subside as the V3 constellation scales and Starlink gains flexibility to compete more aggressively."
伯恩斯坦的这一判断与华尔街共识背道而驰。LSEG数据显示，在覆盖AT&T的27位分析师中，有15位给予“买入”或“强烈买入”评级。
Bernstein's call goes against consensus on the Street. Of the 27 analysts covering AT & T, 15 have a buy or strong buy rating on the stock, LSEG data shows.
AT&T的股价在2026年已下跌超过9%，表现弱于整体市场。今年早些时候上市的SpaceX，过去三个月上涨了17%。伯恩斯坦是参与该IPO的银行之一。
Shares of AT & T have fallen more than 9% in 2026, underperforming the overall market. SpaceX, which went public earlier this year, is up 17% in the past three months. Bernstein was one of the banks involved in the IPO.