T-Mobile's Momentum Should Drive Growth, but Long-Term Differentiation Is Unlikely

T-Mobile’s brand and reputation, coupled with a strong network and spectrum position, should drive strong market share gains over the next couple of years. In the longer term, however, we expect AT&T and Verizon to be able to match T-Mobile, and that market share will stabilize among the three carriers. While competition is currently elevated, a rational competitive landscape should emerge, allowing for stable pricing, disciplined investment, and expanding cash flow.