T-Mobile price target lowered to $175 from $183 at KeyBanc

KeyBanc lowered the firm’s price target on T-Mobile to $175 from $183 and keeps an Overweight rating on the shares. T-Mobile’s results were in line on Service revenue but below on adjusted EBITDA as postpaid phone net adds beat expectations and equipment subsidy was higher than expected, the analyst tells investors in a research note. The firm thinks T-Mobile’s network advantage in 5G is sustainable, believes subscribers will follow, sees industry-leading adjusted EBITDA, and sees a relatively unburdened and growing free cash flow stream that should be returned to shareholders.