Citi downgraded T-Mobile (TMUS) to Neutral from Buy with an unchanged price target of $268. T-Mobile continues to generate favorable growth relative to the category and its competitors, but the stock’s valuation has stayed elevated, the analyst tells investors in a research note. Citi does not see “any immediate accelerators to quickly reduce T-Mobile’s premium.” However, the risk that wireless competition may elevate further and increase costs is not good for category multiples, especially for the premium at which T-Mobile trades, the firm adds.
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