Wolfe Research downgraded T-Mobile US (TMUS) from "Outperform" to "Peer Perform." Analyst Peter Supino cited mounting competitive pressure and potential risks to long-term revenue growth for the decision.
The firm noted rivals AT&T and Verizon enhanced offerings for price-sensitive customers. T-Mobile has traditionally dominated this segment.
Wolfe Research also cited increased promotional activity from cable operators. Potential future capital expenditures on broadband and 6G networks could impact shareholder returns.
The firm also noted concerns about management changes.