03:20 PM EDT, 05/03/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our 12-month target price at $25, applying an EV/EBITDA multiple of 6.2x our 2024 estimate, a discount to peers, reflecting recent weak results and strong competition. We keep our 2024 EPS estimate at $1.20 and 2025's at $1.48. USM reported Q1 operating EPS of $0.23 vs. $0.22, $0.87 below the consensus. Q1 revenue fell 4%, driven by a 10% drop in equipment revenue due to a decrease in the number of devices sold, partially offset by an increase in the price of each device, and a 2% decline in service revenue, driven by a decline in the subscriber base. Postpaid handset losses were 47k, while prepaid net losses were 13k and fixed wireless access customers increased 124k. While we expect fixed wireless access will continue to be a bright spot for the company, we believe the intense competition in the wireless space will continue to weigh on growth.