Beat & Reiterate, Not Deserving of Down Double Digits

研报英文原文证据摘录

Beat & Reiterate, Not Deserving of Down Double Digits

Idea

July 24, 2026 03:02 AM GMT

Morgan Stanley & Co. LLCMT-Mobile US, Inc. | North America Sean Diffley, CFA

Equity Analyst

Beat & Reiterate, Not Deserving Sean.DIFFLEY@morganstanley.comBlake Netter, CPA +1 212 761-5868

Blake.Netter@morganstanley.com +1 212 761-4679

of Down Double Digits Patrick A Ho

Patrick.Ho@morganstanley.com +1 212 761-2764

AlphaSignals Earnings Reaction

T-Mobile US, Inc. (TMUS.O, TMUS US)

Unchanged Modest upside Modest revision higher Top Pick

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Telecom & Cable Services | United States of America

Source: Company data, Morgan Stanley Research Stock Rating Overweight

Industry View In-Line

TMUS shares were down >10% after a 2Q beat, 3Q slight guide Price target $230.00

Shr price, close (Jul 23, 2026) $170.42

below and reiteration of most parts of the FY26 guide (FCF Mkt cap, curr (mm) $189,801

52-Week Range $261.56-165.66

came up on lower taxes), along w/ lower buybacks. We believe

the selloff is overdone and see TMUS as the best-in-class

network & financials at the lowest multiple in 5+ years.

Key Takeaways

Selloff overdone with fundamental growth drivers still intact. Reiterate Top Pick

OW with PT unch'd at $230 (~8x EV/EBITDA) and FY27/28 EBITDA largely unch'd

Shares trading at lowest multiple in 5+ years at ~7x EBITDA creates a highly

compelling risk/reward

While uncertainty around DT and fears around SPCX/Starlink will linger, we

believe TMUS is best positioned to weather a complex comms backdrop

Favorable front/back-book pricing dynamic to help drive ARPA growth to ~3% in

FY26, while differentiated customer experience reflected in NPS & lower churn