---
title: "Wells Fargo: T-Mobile's user growth leads peers, rating upgraded to \"Overweight\""
description: "Wells Fargo has upgraded T-Mobile's stock rating to \"Overweight\" due to its lead in user growth over Verizon and AT&T. Analyst Eric Luebchow pointed out that T-Mobile is expected to continue leading i"
type: "news"
locale: "en"
url: "https://longbridge.com/en/news/261546091.md"
published_at: "2025-10-17T03:58:03.000Z"
---

# Wells Fargo: T-Mobile's user growth leads peers, rating upgraded to "Overweight"

> Wells Fargo has upgraded T-Mobile's stock rating to "Overweight" due to its lead in user growth over Verizon and AT&T. Analyst Eric Luebchow pointed out that T-Mobile is expected to continue leading industry growth with its extensive 5G coverage and strong mid-band spectrum. Compared to its competitors, T-Mobile's valuation premium has narrowed, while Verizon faces challenges, and stock price volatility will persist until the new CEO clarifies the strategic direction. Luebchow predicts that T-Mobile will maintain its lead in postpaid user growth in the coming years

According to Zhitong Finance APP, T-Mobile (TMUS.US) is expected to continue leading the industry in user growth and revenue growth, thanks to its broadest 5G coverage and strong mid-band spectrum that provide fast and scalable wireless services. This has prompted Wells Fargo to upgrade the stock rating from "Hold" to "Overweight."

Wells Fargo analyst Eric Luebchow stated, "From the perspective of wireless network performance, T-Mobile is strategically ahead of its competitors." He noted that its valuation premium has narrowed compared to competitors AT&T (T.US) and Verizon (VZ.US). Although the stock still carries a premium relative to these competitors, Luebchow believes that T-Mobile has a stronger capability to surpass its rivals from the current level.

In contrast, Luebchow believes that Verizon, which has been given a "Hold" rating, will see its stock price remain within a certain range until new CEO Dan Schulman clearly outlines the strategic direction. Luebchow remarked, "The recent situation remains challenging (not optimistic) for Verizon, as the net loss of consumer mobile subscribers continued in the third quarter, and our EBITDA estimates will slightly decline due to Verizon's increased promotional efforts in the fourth quarter."

Against the backdrop of slowing user growth and intensified competition in the wireless market, Luebchow predicts that promotional activities will increase in the fourth quarter. This makes it a "tough climb" for Verizon to return to its higher consumer postpaid mobile sales target for fiscal year 2025, while the expected sales for T-Mobile and AT&T appear achievable.

He added, "We expect that T-Mobile will continue to easily maintain its lead in postpaid user growth over the next few years... and will continue to surpass its three major competitors in market share." He pointed out that the competitive differences with Verizon and AT&T mainly stem from considerations of the privatization/value aspect of their wireless services. Over the past two years, Verizon and AT&T have been the most aggressive in raising user rates, while T-Mobile has offered greater value on its "base rates."

### Related Stocks

- [TMUS.US - T-Mobile US](https://longbridge.com/en/quote/TMUS.US.md)

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> **Disclaimer**: This article is for reference only and does not constitute any investment advice.
