T, TMUS, VZ: Starlink Fever? What the "JV" Is and Is Not

Research evidence excerpt

T, TMUS, VZ: Starlink Fever? What the "JV" Is and Is Not

May 20, 2026

Verizon Communications, Inc. Rating History as of 05/19/2026

PP:NA OP:$46 OP:$48 OP:$47 OP:$49 OP:$50 OP:$51 PP:NA

07/19/22 01/03/24 01/23/24 04/22/24 07/15/24 09/30/24 01/08/25 03/12/25

$55

$50

$45

$40

$35

$30

Jul 23 Oct 23 Jan 24 Apr 24 Jul 24 Oct 24 Jan 25 Apr 25 Jul 25 Oct 25 Jan 26 Apr 26

Closing Price

Outperform (OP); Peer Perform (PP); Underperform (UP); Not Rated (NR); Initiation of Coverage (I); Discontinuation of Coverage (D)

Wolfe Research, LLC Fundamental Valuation Methodology:

Company: Fundamental Valuation Methodology:

AT&T EV/UFCF

T-Mobile US, Inc. EV/UFCF

Verizon Communications, Inc. EV/UFCF

Wolfe Research, LLC Fundamental Recommendation, Rating and Target Price Risks:

Company: Risks That May Impede Achievement of the Recommendation, Rating or Target

Price:

AT&T Upside Risks: Verizon mobile pricing changes are temporary / of minimal impact

to industry mobile pricing discipline; savings are sooner and greater in scale from

copper legacy shutdown & business efficiencies, spectrum purchases & broadband

convergence leadership accelerate EBITDA & FCF realization

Downside Risks: Value-based mobile competitors increase their aggression as

AT&T's effort to grow its value penetration fails to take share; Savings program fails

to deliver $2B+ in savings with costs associated to legacy copper network harder to

remove than expected; Business segment declines accelerate and persist as a drag

to the overall company profits; fiber uptake hampered by cable's introduction of new

technology / competing fiber offerings

T-Mobile US, Inc. Downside Risks: Subscriber growth & share gains decelerate; increased competition

within the value/premium-value segment of the postpaid phone industry; longer