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Fly News Breaks for February 21, 2020
TMUS, S
Feb 21, 2020 | 08:31 EDT
Raymond James analyst Ric Prentiss downgraded T-Mobile (TMUS) to Outperform from Strong Buy with a price target of $107, up from $99. The analyst updated his mode; to reflect the new business combination agreement with Sprint (S), which he notes change the exchange ratio for SoftBank and adds $4 per share of incremental value to his target price. The analyst still believes the merger will give T-Mobile increased scale to push margins and cash flows higher. However, the combination still faces a "major, multiyear integration effort," Prentiss tells investors in a research note.
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