T-Mobile reinstated with a Neutral at BofA

BofA reinstated coverage of T-Mobile (TMUS) with a Neutral rating and $255 price target T-Mobile has led the industry in post-paid phone net add share, revenue and EBITDA growth, and free cash flow expansion, but the firm believes the company is most likely to follow cable companies with more competitive pricing and promotional offers and argues that a premium valuation, relatively high institutional ownership, and record high growth forecasts “leave limited room for upside.”