AT&T faces broad subscriber challenges - KeyBanc

• AT&T (T -1.6%) is facing challenges in subscriber businesses and hot streaming competition, KeyBanc Capital Markets says in a reiteration of its Sector-Weight view.
• The firm points in particular to the end of Game of Thrones, which led to a sequential exodus in HBO subscribers (though year-over-year growth was strong).
• The company has "broad exposure to secularly challenged businesses," analyst Brandon Nispel says, also noting declining subs for AT&T TV NOW and DirecTV in October. "While video monetization remains healthy, subscriber metrics are not," he says.
• HBO Max, set for a spring launch, will likely be "nowhere near as popular" as the freshly launched Disney Plus (NYSE:DIS), he writes.
• Meanwhile, AT&T's valuation is at an all-time high with respect to enterprise value/EBITDA, the firm says.
• Yesterday, the stock responded negatively as Craig Moffett downgraded AT&T to Sell.