Morgan Stanley raised the firm’s price target on T-Mobile (TMUS) to $280 from $265 and keeps an Overweight rating on the shares. The firm raised free cash flow estimates for U.S. operators following the newly signed tax law, and Morgan Stanley tells investors in a research note that capacity will likely be allocated to a mix of buybacks, fiber builds, and/or other M&A. Competition is intense, but unclear if it is intensifying, the firm adds.
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