儘管 2024 年業績出色，但由於分析師下調前景，T-Mobile 股價仍下跌

T-Mobile (TMUS) 股價週一下跌 4.3%，在納斯達克綜合指數整體上漲的背景下跌幅顯著，當時那斯達克指數上漲了 1.8% 以上。

Shares of T-Mobile (TMUS) dropped on Monday despite the broader rally in the Nasdaq Composite, which was up over 1.8% at the time. The telecom giant, which had a stellar 2024, recently faced a downgrade from two major Wall Street analysts.

儘管那斯達克指數整體上漲，當時上漲了 1.8% 以上，但 T-Mobile (TMUS) 的股價週一仍下跌。這家電信巨頭在 2024 年表現出色，最近面臨兩位華爾街主要分析師的評級下調。

Why Did T-Mobile Stock Drop?

T-Mobile 股價為何下跌？

Despite T-Mobile's strong performance last year, with impressive growth fueled by its 2020 acquisition of Sprint, analysts from Wells Fargo and RBC Capital downgraded their outlook for the company. Wells Fargo reduced its price target for T-Mobile from $240 to $220, while RBC Capital adjusted its target from $255 to $240.

儘管 T-Mobile 去年表現強勁，並且在 2020 年收購 Sprint 的推動下實現了令人印象深刻的成長，但富國銀行和加拿大皇家銀行資本的分析師仍下調了對該公司的前景。富國銀行將 T-Mobile 的目標股價從 240 美元下調至 220 美元，而 RBC Capital 將目標價從 255 美元調整至 240 美元。

Both analysts cited that the “low-hanging fruit” from the Sprint merger — such as cost synergies and spectrum advantages — has likely already been realized. With that phase behind them, T-Mobile may face challenges maintaining its robust growth in the coming years. Additionally, the company is expected to experience a slowdown in free cash flow growth as its tax rate reverts to that of a full taxpayer.

兩位分析師都表示，史普林特合併帶來的「唾手可得的成果」——例如成本綜效和頻譜優勢——很可能已經實現。這一階段過去後，T-Mobile 可能會面臨在未來幾年保持強勁成長的挑戰。此外，隨著稅率恢復到完全納稅人的稅率，預計該公司的自由現金流成長將放緩。

T-Mobile's Valuation Compared to Rivals

T-Mobile 與競爭對手相比的估值

Currently, T-Mobile's stock is trading at approximately 11 times its forward earnings before interest, taxes, depreciation, and amortization (EBITDA), and 15 times its forward free cash flow estimates. This is higher than its major competitors Verizon (VZ) and AT&T (T), which trade at a much lower multiple — 7 times EBITDA and 9 to 11 times free cash flow, respectively. This difference in valuation has led some analysts to caution against further investment in T-Mobile at its current levels.

目前，T-Mobile 股票的交易價格約為其遠期息稅折舊攤提前利潤 (EBITDA) 的 11 倍，以及遠期自由現金流預測的 15 倍。這高於其主要競爭對手 Verizon (VZ) 和 AT&T (T)，後者的本益比要低得多——分別是 EBITDA 的 7 倍和自由現金流的 9 至 11 倍。這種估值差異導致一些分析師對 T-Mobile 目前水準的進一步投資持謹慎態度。

Is T-Mobile Still a Solid Investment?

T-Mobile 仍然是一項可靠的投資嗎？

While the downgrade from Wells Fargo and RBC may seem concerning, T-Mobile remains a solid company with long-term potential. The analysts might be right that the stock's explosive gains of the past few years will be hard to replicate, but this does not necessarily make T-Mobile a “sell.”

儘管富國銀行和加拿大皇家銀行的評級下調似乎令人擔憂，但 T-Mobile 仍然是一家具有長期潛力的穩健公司。分析師認為該股過去幾年的爆炸性上漲將難以複製，這或許是正確的，但這並不一定會讓 T-Mobile 成為「賣出品」。

T-Mobile continues to lead the telecom industry with its strong cash flow, market share gains, and spectrum advantage. The company is also heavily investing in share repurchases, which could potentially support stock price growth. Additionally, T-Mobile raised its dividend by 35% last year, further demonstrating confidence in its financial health. Though its current dividend yield is modest at 1.6%, there's potential for future growth in payouts, making it an attractive option for long-term investors, particularly those who are looking to build income for retirement.

T-Mobile 以其強勁的現金流、市場份額成長和頻譜優勢繼續引領電信產業。該公司也大力投資股票回購，可能會支持股價成長。此外，T-Mobile 去年將股息提高了 35%，進一步表明了對其財務狀況的信心。儘管其目前的股息收益率僅為 1.6%，但未來派息有成長潛力，這使其成為長期投資者的有吸引力的選擇，尤其是那些希望為退休積累收入的投資者。

Is T-Mobile Still a Good Long-Term Pick?

T-Mobile 仍然是不錯的長期選擇嗎？

Despite the downgrade, T-Mobile remains a leading player in the telecom industry. While it may not achieve the same rapid growth as in recent years, the company's strong position and commitment to shareholder returns still make it a solid pick for investors with a long-term horizon. With a dividend that has room to grow and a resilient business model, T-Mobile could provide steady returns for those investing for the next decade or so.

儘管評級被下調，T-Mobile 仍然是電信業的領先企業。儘管它可能無法實現近年來那樣的快速成長，但該公司的強勢地位和對股東回報的承諾仍然使其成為具有長期視野的投資者的可靠選擇。憑藉具有成長空間的股息和富有彈性的商業模式，T-Mobile 可以為未來十年左右的投資提供穩定的回報。

However, if you're considering investing in T-Mobile, it's important to evaluate whether the stock fits your investment strategy, especially in light of the recent analyst downgrades and the changing market dynamics.

然而，如果您正在考慮投資 T-Mobile，那麼評估該股票是否適合您的投資策略非常重要，特別是考慮到最近分析師的評級下調和不斷變化的市場動態。