T-Mobile downgraded to Sector Perform from Outperform at RBC Capital

RBC Capital downgraded T-Mobile (TMUS) to Sector Perform from Outperform with a price target of $240, down from $255, as fundamentals remain intact, but valuation appears full. The firm has updated its valuation model to reflect the higher interest rate environment. Although execution appears solid, RBC sees less favorable reward/risk based on current valuation and what it views as stronger prospects elsewhere.