T-Mobile (NASDAQ:TMUS) stock is getting a boost on Thursday after Wolfe Research analyst Peter Supino weighed in on the wireless company.
The latest coverage from Supino saw the analysts reiterate his $160 per share price target for TMUS stock. That represents a potential 26.4% upside for the stock compared to yesterday’s closing price. However, it’s still a bit bearish compared to the analyst consensus price prediction of $179.19 per share.
To go along with that reiterated price target, the Wolfe Research analyst upgraded TMUS stock from a “peer perform” rating to an “outperform” rating. For comparison, the analyst consensus rating for T-Mobile is a “buy” based on 24 opinions.
What’s Behind the Upgrade for TMUS Stock?
According to Supino, TMUS stock deserves the outperform rating after undergoing a 21% drop so far this year. He notes that his downgrade in January reflected the impacts of inflation and other economic factors on the company. Since then, enough has changed that the analyst believes there’s a strong outlook for growth in its per share price.
As far as trading activity goes today, some 76,000 shares have changed hands as of this writing. That’s still a far way off from the telecommunication company’s daily average trading volume of about 6.5 million shares.
TMUS stock is up 1.3% as of Thursday morning. Even so, the stock was down 9% year-to-date (YTD) when markets closed on Wednesday.
Investors on the lookout for all of the most recent stock market news will want to keep reading!
We have all of the biggest stock market coverage that traders need to read about on Thursday! Among that is what’s happening with shares of HashiCorp (NASDAQ:HCP), Baosheng Media (NASDAQ:BAOS) and Airspan Networks (NYSEMKT:MIMO) stock today. You can catch up on all of this news by checking out the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.