Oppenheimer Downgrades T-Mobile (TMUS) to 'Perform', Removes PT Due to Subscriber Growth Concerns, Heightened Competition

T-Mobile US Inc. (NASDAQ:TMUS) is one of the best QQQ stocks to buy according to Wall Street analysts. On November 21, Oppenheimer downgraded T-Mobile to Perform from Outperform, while removing the firm’s $300 price target on the shares. Oppenheimer suspects that T-Mobile will struggle to exceed subscriber and free cash flow estimates, given its decade of exceptional market share gains and margin expansion. The firm forecasts that overall industry subscriber growth is slowing, which will heighten competition that is expected to persist for 12 to 24 months.

Earlier in its Q3 2025 earnings call, the company reported achieving its best-ever total postpaid net additions, including over 1 million postpaid phone net additions. This led the company to raise its total postpaid net additions guidance to a range of 7.2 to 7.4 million for the full year, an increase of over 1 million at the midpoint. The company made a total of $21.96 billion in revenue, which was an 8.90% increase year-over-year, although it missed Street estimates by $7.29 million. The company also made $2.77 in EPS, which exceeded guidance by $0.20.

T-Mobile’s 5G broadband business added 500,000+ customers, and the company also added 50,000+ new customers to its fiber business. Consequently, the fiber customer net additions guidance was raised to ~130,000, up from the previous 100,000.

T-Mobile US Inc. (NASDAQ:TMUS) provides wireless communications services in the US, Puerto Rico, and the United States Virgin Islands. The company offers voice, messaging, and data services to postpaid, prepaid, and wholesale & other services customers.

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Disclosure: None. This article is originally published at Insider Monkey.