T-Mobile US: Starlink D2D: nascent new entrant or complimentary add-on service

研报英文原文证据摘录

T-Mobile US: Starlink D2D: nascent new entrant or complimentary add-on service

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T-Mobile US

Starlink D2D: nascent new entrant or

complimentary add-on service

Maintain Rating: NEUTRAL | PO: 220.00 USD | Price: 182.68 USD

Media reports and analytical framework 26 June 2026

Recent media reports have raised the possibility of a SpaceX–T‑Mobile transaction, Equity

while earlier separate press coverage suggested Deutsche Telekom could seek to acquire

the minority stake in T‑Mobile US. While the likelihood of these outcomes is uncertain, MichaelResearch J.AnalystFunk

the discussion below highlights key analytical considerations rooted in prior DOJ BofAS

precedent, ownership structure, and evolving wireless market dynamics. michael.j.funk@bofa.com

Matthew Griffiths, CFA >>

DOJ framework on market structure ResearchMerrill LynchAnalyst(Canada)

The DOJ consent decree for Sprint/T‑Mobile focused on preserving four nationwide matthew.griffiths1@bofa.com

facilities‑based wireless competitors. Regulators argued that removing Sprint risked

reducing competition and increasing coordination among remaining carriers, prompting

a structural remedy designed to restore a fourth network‑based competitor. If SpaceX

Stock Data(through Starlink) is considered a potential new entrant, this might influence the

probability of a merger approval. Price 182.68 USD

DISH remedy and transitional Model Price Objective 220.00 USD Date Established 29-Apr-2026

The remedy positioned DISH as a replacement competitor through prepaid assets,

Investment Opinion B-2-7

spectrum, sites, and a seven‑year MVNO agreement. The model was explicitly

transitional: DISH would begin as a reseller while building its own facilities‑based 52-Week Range 174.02 USD - 261.56 USD