UPDATE: JPMorgan Downgrades US Cellular (USM) to Underweight

August 2, 2021 1:41 AM EDT
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Price: $31.33 +1.56%

Rating Summary:
    4 Buy, 1 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 7 | Down: 15 | New: 24
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(Updated - August 2, 2021 4:18 AM EDT)

JPMorgan analyst Philip Cusick downgraded US Cellular (NYSE: USM) from Neutral to Underweight with a price target of $36.00 (from $35.00).

The analyst comments "We downgrade USM to Underweight from Neutral and establish a Dec. 2022 price target of $36 (prior 2021 PT of $35). We base our valuation primarily on a discounted cash flow analysis that assumes a 7.0% WACC and 2.5% perpetual growth rate. US Cellular currently trades at 6.6x our 2021 EBITDA forecast compared with an average of 6.6-7.8x for other wireless carriers. However, US Cellular trades at 5.0x when excluding the L.A. partnership stake."

For an analyst ratings summary and ratings history on US Cellular click here. For more ratings news on US Cellular click here.

Shares of US Cellular closed at $36.36 yesterday.


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