BT Group Plc’s shares slipped after analysts at New Street Research downgraded the British telecommunications company’s stock, citing a shrinking fixed broadband market.
The number of customers who pay for fixed-line broadband, where BT is the dominant player, will drop by about 250,000 this year, “the first time there has ever been a decline,” the analysts said in a report on Tuesday, cutting their rating on BT to “neutral” from “buy.”