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T-Mobile’s improving cash flow, subscriber growth warrant stock upgrade

T-Mobile U.S. Inc., in the eyes of Wells Fargo analysts, is attractively valued and is expected to have total returns that exceed the market over the next 12 months.

Wells Fargo Securities analysts, led by Jennifer Fritzsche, upgraded T-Mobile TMUS, +1.68% to an outperform rating from market perform. The main reason for the upgrade is T-Mobile’s expected free cash flow growth, which Fritzsche wrote in a note to clients should see significant growth in 2017 and 2018.

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T-Mobile, according to Wells Fargo’s models, will generate $1 billion free cash flow in 2016 and $2.6 billion in 2017.

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