Scotiabank downgraded T-Mobile (TMUS) to Sector Perform from Outperform with a price target of $236, up from $215.50. The medium term outlook for T-Mobile “continues to be impressive” with continuation of leading wireless subscriber loading, service revenue growth, and free cash flow growth compared to U.S. peers, the analyst tells investors in a research note. However, given the significant stock performance in the last months “for what is still inherently a telecom company,” Scotiabank believes that short-term upside might be limited at this point, especially post the company’s analyst day which generated positive momentum. It downgrades T-Mobile to await a better entry point.
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