Analyst Peter Supino upgraded shares of the telecommunication giant to outperform from peer perform after downgrading them in January.
His $160 price target implies an upside of 26.4% over where the stock closed Wednesday. Shares rose about 0.9% in premarket trading Thursday. The stock has fallen 9.6% so far this year, an underperformance that has made Supino optimistic that the stock will have upside. "At today's price and after ~21% YTD underperformance, investors need neither estimate nor multiple upside to outperform," he said in a note to clients.
mountain T-Mobile and the S & P 500, year to date He noted that the January downgrade emphasized that industry subscriber acquisition costs and general inflation had taken most of the upside to long-term guidance, while forward valuation was risky but justifiable given limitations on the industry. The reversal puts Supino in the majority on Wall Street, with half of analysts rating the stock a buy, according to Refinitiv.
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