T-Mobile US Inc.: Reiterate Overweight; 2Q26 Sell-Off Overdone, Creating an Attractive Entry Point

研报英文原文证据摘录

T-Mobile US Inc.: Reiterate Overweight; 2Q26 Sell-Off Overdone, Creating an Attractive Entry Point

J P M O R G A N North America Equity Research

24 July 2026

T-Mobile US Inc. Overweight

TMUS, TMUS US

Reiterate Overweight; 2Q26 Sell-Off Overdone, Price (23 Jul 26):$170.42

Creating an Attractive Entry Point Price Target (Dec-27):$275.00

We believe the ~11% pullback in T-Mobile shares on Thursday (July 23), versus Telecom Services, Cable & Satellite

ACa 1% decline for the S&P 500, reflected positioning heading into the print, which Sebastiano C Petti

anticipated a beat-and-raise. While we trim our 2026 service revenue and EBITDA (1-212) 622-8529

estimates marginally on forward commentary from the call, our long-term sebastiano.c.petti@jpmorgan.com

estimates remain largely unchanged, supporting an ~8% core EBITDA and ~11% Shayna Nguyen

FCF/share CAGR through 2028E, above peers. We view T-Mobile's growth profile (1-212) 622-0038

as durable over the next several years, driven by continued CLV-accretive share shayna.nguyen@jpmchase.com

gains in underpenetrated segments such as SMRA, Enterprise, and network John Stid

seekers, underscored by CEO Srini Gopalan's comments that T-Mobile is seeing (1-212) 272-0992

john.stid@jpmorgan.com

20% higher port-in ARPAs and double-digit CLV growth. That said, J.P. Morgan Securities LLC

management's capital-allocation commentary, notably its emphasis on the

company's appetite for the upcoming spectrum auctions, was somewhat

surprising, as we had expected T-Mobile to increase its 2026 shareholder return Quarterly Forecasts (FYE Dec)

authorization beyond "up to $18.2 billion" given the share pullback and solid Adj. EPS ($)

momentum. We nonetheless recognize T-Mobile's network leadership and the 2025A 2026E 2027E

Q1 2.58 2.27A 2.98