UPDATE: JPMorgan Downgrades Telephone & Data Systems (TDS) to Underweight
- Wall Street closes rollercoaster week sharply lower
- Invesco (IVZ) Reportedly in Talks to Merge With State Street's (STT) Asset Management Business, Citi Sees More Cons than Pros
- FDA Votes "No" on Pfizer (PFE) Booster for 16+ Age Group, 2 Yes 16 No
- Jefferies Raises Price Targets on Alphabet (GOOGL) and Facebook (FB) as They Are Still Inexpensive Relative to Growth, Reiterates Snap (SNAP) as a Best Growth Idea
- Tesla (TSLA) Could Deliver 900K EV Units This Year and 1.3M in 2022 - Wedbush
JPMorgan analyst Philip Cusick downgraded Telephone & Data Systems (NYSE: TDS) from Neutral to Underweight with a price target of $23.00 (from $27.00).
The analyst comments "We downgrade TDS to Underweight from Neutral and establish a Dec. 2022 price target of $23 (prior 2021 PT of $27). We use a discounted cash flow analysis to arrive at our price target and assume a 7.0% WACC and 2% perpetual growth rate. TDS trades at 5.3x our 2021 EBITDA estimate compared with other integrated carriers at 7.0x; the company now pays a 3.2% dividend yield compared with ~4-5% for peers. We believe most of the potential upside in TDS shares likely would come from its wireless business."
Shares of Telephone & Data Systems closed at $22.35 yesterday.
You May Also Be Interested In
- Natwest Group PLC (NWG:LN) (NWG) PT Raised to GBP2.60 at Deutsche Bank
- Nordea Bank Abp (NDA:SS) (NRDBY) PT Lowered to SEK130 at Goldman Sachs
- Ocado Group Plc. (OCDO:LN) (OCDGF) PT Lowered to GBP22.75 at Goldman Sachs
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades, Hot Downgrades
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!