As previously reported, MoffettNathanson analyst Craig Moffett downgraded T-Mobile (TMUS) to Market Perform from Outperform with an unchanged price target of $174 in a note to investors partially titled "Wireless Q4 2022: The Great Deceleration." The firm sees a "growing mismatch" between industry growth rates and company expectations, not just for T-Mobile, but for all of the "Big Three" inclusive of Verizon (VZ) and AT&T (T) as well. Throughout 2022, as-reported growth was inflated by 3G network shutdowns as major 3G and legacy network decommissions "distorted industry metrics in every quarter of 2022," but "subscriber growth IS slowing, and quite significantly so," the firm contends. In 2023, the wireless market won’t have the network decommissioning tailwind while cable now capturing an even larger share of the net growth that’s left is "making matters worse," the analyst tells investors. The firm has a Market Perform rating on Verizon and an Underperform on AT&T.
Published first on TheFly
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