T-Mobile initiated with a Market Perform at Bernstein

Bernstein analyst Laurent Yoon initiated coverage of T-Mobile (TMUS) with a Market Perform rating and $265 price target Over the past decade, T-Mobile has transformed itself from a “distant laggard” in wireless to a “champion,” and its growth story is still unfolding, the analyst tells investors in a research note. The firm noted that the company has captured a lion’s share of the industry’s net adds, outpacing the market by two times in subscriber growth over the past four years. Bernstein also acknowledged that the current trajectory could support elevated multiple in the foreseeable future, driven by core wireless and Fixed Wireless Access subscriber growth and margin expansion.