尽管 2024 年业绩出色，但由于分析师下调前景，T-Mobile 股价仍下跌

T-Mobile (TMUS) 股价周一下跌 4.3%，在纳斯达克综合指数整体上涨的背景下跌幅显着，当时纳斯达克综合指数上涨了 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.

尽管纳斯达克综合指数整体上涨，当时上涨了 1.8% 以上，但 T-Mobile (TMUS) 的股价周一还是下跌。这家电信巨头在 2024 年表现出色，最近面临两位华尔街主要分析师的评级下调。

Why Did T-Mobile Stock Drop?

T-Mobile 股价为何下跌？

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.

尽管 T-Mobile 去年表现强劲，并且在 2020 年收购 Sprint 的推动下实现了令人印象深刻的增长，但富国银行和加拿大皇家银行资本的分析师仍下调了对该公司的前景。富国银行将 T-Mobile 的目标价格从 240 美元下调至 220 美元，而 RBC Capital 将目标价格从 255 美元调整至 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.

两位分析师都表示，斯普林特合并带来的“唾手可得的成果”——例如成本协同效应和频谱优势——很可能已经实现。这一阶段过去后，T-Mobile 可能会面临在未来几年保持强劲增长的挑战。此外，随着税率恢复到完全纳税人的税率，预计该公司的自由现金流增长将放缓。

T-Mobile's Valuation Compared to Rivals

T-Mobile 与竞争对手相比的估值

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 股票的交易价格约为其远期息税折旧摊销前利润 (EBITDA) 的 11 倍，以及远期自由现金流预测的 15 倍。这高于其主要竞争对手 Verizon (VZ) 和 AT&T (T)，后者的市盈率要低得多——分别是 EBITDA 的 7 倍和自由现金流的 9 至 11 倍。这种估值差异导致一些分析师对 T-Mobile 目前水平的进一步投资持谨慎态度。

Is T-Mobile Still a Solid Investment?

T-Mobile 仍然是一项可靠的投资吗？

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.”

尽管富国银行和加拿大皇家银行的评级下调似乎令人担忧，但 T-Mobile 仍然是一家具有长期潜力的稳健公司。分析师认为该股过去几年的爆炸性上涨将难以复制，这或许是对的，但这并不一定会让 T-Mobile 成为“卖出品”。

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 以其强劲的现金流、市场份额增长和频谱优势继续引领电信行业。该公司还大力投资股票回购，这可能会支持股价增长。此外，T-Mobile 去年将股息提高了 35%，进一步表明了对其财务状况的信心。尽管其目前的股息收益率仅为 1.6%，但未来派息有增长潜力，这使其成为长期投资者的有吸引力的选择，尤其是那些希望为退休积累收入的投资者。

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

T-Mobile 仍然是一个不错的长期选择吗？

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.

尽管评级被下调，T-Mobile 仍然是电信行业的领先企业。尽管它可能无法实现近年来那样的快速增长，但该公司的强势地位和对股东回报的承诺仍然使其成为具有长期视野的投资者的可靠选择。凭借具有增长空间的股息和富有弹性的商业模式，T-Mobile 可以为未来十年左右的投资提供稳定的回报。

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，如果您正在考虑投资 T-Mobile，那么评估该股票是否适合您的投资策略非常重要，特别是考虑到最近分析师的评级下调和不断变化的市场动态。