US Cellular (USM)
by Zacks Equity ResearchJuly 20, 2011 | Comments : 0 Recommended this article: (0)
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The integration of Dobson Cellular/Cingular/AT&T Wireless, Sprint/Nextel merger, consolidation of Verizon Wireless/Alltel in January 2009 and AT&T s acquisition of Centennial Communications have resulted in Tier-1 carrier expansion into sparser geographical markets. As a result, U.S. Cellular continues to be susceptible to aggressive pricing by larger rivals.
Moreover, the company's high-margin roaming revenues remain under pressure, which is particularly troublesome given its strong reliance on roaming fees. Our price target is $42.00, based on 28.4x our 2011 earnings estimate.
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