Citi upgrades Telephone and Data on U.S. Cellular strategic review

Citi analyst Michael Rollins upgraded Telephone and Data to Buy from Neutral with a $16 price target. The company believes its wireline operations have minimal exposure to the industry’s historical use of lead-sheathed cabling, the analyst tells investors in research note. The firm upgraded Telephone and Data to Buy on the potential benefits of it owning 80% of U.S. Cellular (USM) from a potential strategic review. Citi believes the monetization of U.S. Cellular’s assets can be accretive.