Telephone and Data upgraded to Outperform from Market Perform at Raymond James

Raymond James upgraded Telephone and Data (TDS) to Outperform from Market Perform with a $51 price target Following the results of the 2024 Presidential election, the firm sees “significant upside” in shares of U.S. Cellular (USM) and Telephone and Data given the ongoing strategic review and announced asset sales at the former. The analyst now feels the regulatory path to approval is cleaner and timeline should be better. Raymond James is now less concerned about the negative catalyst of the T-Mobile (TMUS) deal not going through as currently proposed.