As previously reported, Wells Fargo upgraded T-Mobile (TMUS) to Overweight from Equal Weight with a price target of $260, up from $250. The firm is swapping top carrier pick to T-Mobile for structurally higher 3-year free cash flow growth, continued network leadership and share gains, and capital allocation flexibility bolstered by buybacks. Wells remains Overweight rated on AT&T (T), while the near-term setup for Verizon (VZ) remains challenging.
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