In a report published Tuesday, Bank of America analyst David W. Barden initiated coverage on T-Mobile US TMUS with an Underperform rating and $12.00 price target.
In the report, Barden noted, “Following the completion of the merger between MetroPCS and T-Mobile USA, TMUS is focused on taking market share by offering aggressively priced plans. It recently began selling the iPhone and is in the early stages of a rapid LTE deployment. While we see potential for T-Mo to win share and grow, we also believe TMUS is overvalued for at least 2 reasons including, 1) accounting is not comparable with other US wireless carriers and 2) current comparable valuations are skewed by M&A premiums.”
T-Mobile US closed on Monday at $17.64.
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