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What you need to know
- T-Mobile US’s shares dropped after two analysts cut their target prices and downgraded T-Mobile US.
- Wells Fargo noted that T-Mobile's subscriber growth is slowing, even though it still outpaces rivals AT&T and Verizon Communications.
- The bank stated that the growth in EBITDA and subscriber numbers for leading companies is already priced into its products.
- RBC also reduced its rating for the stock, and its price target was cut by $15.
T-Mobile US’s (TMUS), shares plunged Monday, after Wells Fargo analysts and RBC Capital Markets downgraded its stock.
Wells Fargo lowered its rating on T-Mobile stock to "equal weight" from "overweight" and cut its price target to $220 from $240. The phone carrier's stock slid about 4% intraday to $210.88.
T-Mobile “should continue to outpace its competitors from a subscriber and financial growth perspective in the years ahead, [but] its pace of growth is decelerating as the business matures, and it moves further past the Sprint integration synergies,” Wells Fargo said.
Industry-leading subscriber and EBITDA growth is already priced in, the analysts said, making T-Mobile less compelling than peers AT&T (T) and Verizon Communications (VZ).
Meanwhile, RBC Capital Markets analysts dropped their T-Mobile rating to "sector perform" from "outperform" and lowered their price target to $240 from $255, according to reports.
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