AT&T CEO Randall Stephenson's big headache

AT&T CEO Randall Stephenson has a lot on his plate, to say the least. And a new report from Wall Street investment firm Wells Fargo outlines just how many balls Stephenson has in the air as he works to integrate the Time Warner business, pay down a massive amount of debt, deploy 5G, stamp out a winning position in the video business, and build out fiber to millions of new locations. Indeed, the severity of the situation led the analysts at Wells Fargo to downgrade its rating on AT&T stock based on the company's top three major challenges:

1. continued pressure on entertainment margins and enterprise stability not yet seen.
2. many new balls to juggle (and invest in) with Time Warner assets.
3. achieving delevering (retiring massive debt load) targets might push other priorities down the list.