US Cellular Earnings: Weak Results Point to a Weak Competitive Position
The steady drip of market share losses at US Cellular continued in the first quarter, a trend we expect to persist. Management reiterated that the strategic review initiated nine months ago continues and that it won’t comment on the effort until a conclusion is reached. We still believe US Cellular should sell all or most of its assets to other carriers or tower firms, and our stand-alone fair value estimate remains $25.