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In a report published Tuesday, Canaccord Genuity analyst Greg Miller initiated coverage on T-Mobile US (NYSE: TMUS) with a Hold rating and $22.00 price target.
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In the report, Canaccord Genuity noted, “We are initiating coverage on T-Mobile US with a HOLD rating and a $22 price target following its reverse merger with MetroPCS. Although we feel the company is a highly attractive takeover candidate for whichever company does not manage to acquire Sprint and/or Clearwire (either Softbank or Dish Networks), absent such an event the stock appears fully valued. Adjusted for differences in accounting of handset subsidies for its Value Plans, T-Mobile US trades at a slightly lower valuation than its peers. However, we believe the discount is warranted given the differences in scale, growth trajectory and margin profile relative to other national carriers.”
T-Mobile US closed on Monday at $22.32.