T-Mobile downgraded to Sector Weight on valuation at KeyBanc

KeyBanc analyst Brandon Nispel last night downgraded T-Mobile (TMUS) to Sector Weight from Overweight without a price target The firm cites valuation for the downgrade, as it thinks T-Mobile’s multiple has “become stretched.” KeyBanc is unwilling to raise its price target to justify the stock’s valuation. The competitive environment “feels as if it is shifting toward a converged offering,” where T-Mobile is making acquisitions in the fiber business at :significant multiples that have yet to be proven,” the analyst tells investors in a research note.