Telephone and Data price target raised to $23 from $16 at Citi

Citi analyst Michael Rollins raised the firm’s price target on Telephone and Data (TDS) to $23 from $16 and keeps a Buy rating on the shares. The analyst updated the company’s for the Q2 results and to reflect a greater likelihood that it takes positive actions to improve value for shareholders. Citi believes options among Telephone and Data’s stated strategic alternatives include a potential sale of U.S. Cellular (USM) to a single entity, asset sales to different buyers, and/or specific tower monetization. Citi says the formal consideration of strategic options for U.S. Cellular can support a better value for both companies.