With SpaceX Upping the Ante, We've Increased Our T-Mobile Uncertainty Rating

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, we expect AT&T and Verizon to match T-Mobile, and that market share will stabilize among the three carriers. A rational competitive landscape should emerge, allowing for stable pricing, disciplined investment, and expanding cash flow. However, SpaceX now threatens to upset the current market structure. While we don't expect SpaceX's Starlink to enter the US wireless market, the threat of entry could still cause problems.