UPDATE: JPMorgan Downgrades US Cellular (USM) 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 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."
Shares of US Cellular closed at $36.36 yesterday.
You May Also Be Interested In
- Las Vegas Sands (LVS) Downgraded to Hold at Jefferies on Limited Upside Potential
- NanoXplore (GRA:CN) (NNXPF) PT Raised to Cdn$8 at National Bank Financial
- Pan African Resources PLC (PAF:LN) PT Lowered to GBP0.25 at Berenberg
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change, Downgrades, Hot Comments, 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!