Citi raised the firm’s price target on U.S. Cellular (USM) to $53 from $29 and keeps a Buy rating on the shares. The analyst updated the company’s for the Q2 results and to reflect a greater likelihood that it takes positive actions to improve value for shareholders. Citi believes options among Telephone and Data’s (TDS) stated strategic alternatives include a potential sale of U.S. Cellular to a single entity, asset sales to different buyers, and/or specific tower monetization. Citi says the formal consideration of strategic options for U.S. Cellular can support a better value for both companies.
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