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Loop Capital Is Bullish On T-Mobile Over AT&T, Verizon - Read Why

September 21, 2021 7:40 am
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Loop Capital Is Bullish On T-Mobile Over AT&T, Verizon - Read Why
  • Loop Capital analyst Stephan Bisson initiated coverage of T-Mobile US Inc (NASDAQ:TMUS) with a Buy and $160 price target, indicating a 27.4% upside. 
  • Bisson believes T-Mobile's network aids its competitive position and expects it to produce "continued outperformance in subscriber additions and the financials."
  • T-Mobile's network reaches tens of millions more people than AT&T Inc (NYSE:T) and Verizon Communications Inc (NYSE:VZ), adding that T-Mobile's Ultra Capacity 5G has "significantly" more coverage than AT&T or Verizon's comparable options.
  • Bisson initiated coverage of AT&T with a Hold and $30 PT, implying a 10.4% upside. 
  • Once the company's deals are closed, AT&T will essentially be a wireless and wireline communications company with revenue and EBITDA growth trends growing "relatively slowly" at 1.7%-1.8% annually, Bisson notes. 
  • The $30 price target bases on a $26 per share value for the remaining company and $4.50 per share value for the 71% equity AT&T shareholders will own of WarnerBros-Discovery.
  • Bisson initiated coverage of Verizon with a Hold rating and $57 PT, suggesting a 4.97% upside. 
  • Verizon has "steadily growing" wireless assets and a "potentially exciting future" with 5G enabling new products like mobile edge compute and fixed wireless broadband, Bisson notes. 
  • However, the company's current growth isn't fast enough to drive multiple expansion, and the upside to numbers from mobile edge compute is challenging to quantify. 
  • Bisson thinks investors "will have time to see the products develop before diving in."
  • Price Action: T shares traded higher by 0.44% at $27.33, while VZ traded higher by 0.15% at $54.34 in the premarket session on the last check Tuesday. TMUS closed Monday's session at $125.63.

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