Shares of AT&T  (T) - Get Report slumped Monday after a top industry analyst hit the telecom giant with a downgrade to market perform from outperform.

AT&T's stock at last check was down 2.7% to $27.68 after Cowen & Co. analyst Colby Synesael cut his rating.

Citing the growing threat of the coronavirus to the Dallas telecom giant's bottom line, Synesael also slashed his price target on AT&T to $37 a share from $43, according to Bloomberg.

The company's Warner Media unit is vulnerable during the virus-driven economic downturn, with HBO Max particularly exposed, the analyst wrote. 

As a result, Cowen's Synesael lowered his estimates for Warner's bottom line based on the assumption that social-distancing measures will remain in place until at least June and the economy will be mired in a recession for the rest of 2020.

The Cowen analyst also pointed to the recent selloff in the telecom giant's stock as derailing the company's efforts to meet its three-year targets.

In the month through Friday, AT&T shares dropped more than $10, or 26%.

The telecom company also compares unfavorably in the current business climate with competitor Verizon  (VZ) - Get Report. AT&T's more wide-ranging business empire creates "incremental uncertainty relative to more simplistic companies such as Verizon," the Cowen analyst wrote.

Analysts at Baird also downgraded AT&T on Monday, slashing their rating to neutral from outperform and their price target to $33 a share from $41.