Fly News Breaks for November 4, 2019
Nov 4, 2019 | 07:32 EDT
JPMorgan analyst Philip Cusick upgraded both U.S. Cellular (USM) and Telephone and Data Systems (TDS) to Overweight from Neutral. He lowered his price target for U.S. Cellular to $45 from $46 and for Telephone and Data to $30 from $31. The assets at both companies are "hugely undervalued versus any reasonable comparison group," Cusick tells investors in a research note. While one would think that management would eventually "act to tighten that discount," the Carlson family controls both companies outright and have shown no interest either selling assets or buying stock at a discount, adds the analyst. However, Cusick says the stocks over time do tend to revert to "cheap but not as cheap" levels after selloffs like this. As such, he views the recent pullbacks in both names as "overdone."
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