T-Mobile Analysts Raise Their Forecasts After Better-Than-Expected Q2 Results

Author: Avi Kapoor | August 01, 2024 01:53pm

T-Mobile US, Inc (NASDAQ:TMUS) reported better-than-expected second-quarter financial results and raised its FY24 postpaid net customer additions guidance on Wednesday.

T-Mobile reported adjusted quarterly earnings of $2.49 per share, which beat the analyst consensus estimate of $2.28 by 9.21%. Quarterly sales of $19.77 billion beat the analyst consensus estimate of $19.55 billion by 1.13%, representing a 3.0% increase from last year.

T-Mobile US reported quarterly postpaid net account additions of 301 thousand and postpaid service revenues of $12.9 billion, up 7% year-over-year.

T-Mobile expects full-year 2024 postpaid net customer additions of 5.4 million—5.7 million (prior 5.2 million—5.6 million), driven by robust demand for its discounted unlimited plans, including streaming perks.

T-Mobile shares gained 1.5% to trade at $185.00 on Thursday.

These analysts made changes to their price targets on T-Mobile following earnings announcement.

• RBC Capital analyst Jonathan Atkin maintained T-Mobile US with an Outperform rating, while raising the price target from $189 to $200.
• Barclays analyst Kannan Venkateshwar maintained the stock with an Overweight rating and raised the price target from $180 to $200.
• Benchmark analyst Matthew Harrigan maintained T-Mobile US with a Buy, while increasing the price target from $200 to $220.

Read More:

• Top 3 Health Care Stocks That Are Set To Fly This Quarter

Posted In: TMUS