Oppenheimer analyst Timothy Horan raised his price target for T-Mobile (TMUS) to $55 from $48 as he believes leverage from growing revenues and network synergies will drive further margin improvements. The analyst notes that the company reported a "strong" quarter, indicating that T-Mobile is successfully balancing industry leading growth with increasing profitability. Horan continues to believe the company's standalone story is attractive with M&A upside more likely now given the planned AT&T (T)/Time Warner (TWX) merger. He reiterates an Outperform rating on T-Mobile's shares.

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FY25 EPS consensus $2.16.

Reports Q1 revenue $30B, consensus $28.65B. Reports Q1 349,000 postpaid phone net adds. "Our results this quarter reflect continued strong growth in our Mobility and Consumer Wireline connectivity businesses, which represent about 80% of our total revenues," said John Stankey, AT&T CEO. "Customers are choosing AT&T and staying with us. We achieved a record-low first-quarter postpaid phone churn, grew consumer broadband subscribers for the third consecutive quarter, and expanded margins in Mobility and Consumer Wireline. We're also delivering on our commitment to grow and improve the quality and cadence of free cash flow, which increased by more than $2 billion year over year. This consistent, solid performance driven by our investment-led strategy gives us confidence to re-affirm our full-year consolidated financial guidance."