Wolfe Research analysts upgraded shares of   (NASDAQ:TMUS) to Outperform from Peer Perform.

The price target of $160 per share suggests an upside potential of over 26%.

With the TMUS stock down 21% year-to-date, analysts are more positive on the stock, especially bearing in mind that “the outlook for intrinsic value growth per share remains fairly bright.”

“While cable’s aggressive postpaid phone service prices have won 45% of ’23E industry net adds, T-Mobile’s leading price/ value proposition positions it best for the majority of new subscribers who purchase 3+ lines per account,” analysts said in a client note.

At current market levels, investors “need neither estimate nor multiple upside to outperform,” they concluded.

T-Mobile shares are up almost 1% in pre-open Wednesday.