J.P. Morgan September Telecom Stock Rankings

On 1 September 2026, Reuters published an article authored by Luke Juricic summarising J.P. Morgan analyst Sebastiano C Petti’s identification of the leading cable, satellite and telecom services equities for September. The analyst retained AT&T as the top pick, added Anterix and T‑Mobile as high‑conviction overweight ideas, and provided detailed quantitative expectations for each.

AT&T (Overweight, 10 points, unchanged)

  • Convergence rate stands at 42.5 % including Lumen and 45 % excluding Lumen, reflecting the firm’s fiber build‑out and scaling convergence strategy.
  • J.P. Morgan raised its 2026 post‑paid phone additions forecast to 1.60 million and expects AT&T Fiber net adds of 1.35 million.
  • Second‑quarter wireless service revenue grew 3.3 % year‑over‑year, prompting the firm to model full‑year wireless service revenue growth of 3.3 %, above AT&T’s own guidance range of 2‑3 %.
  • First‑half 2026 ACS EBITDA growth is estimated at approximately 7 %, versus the company’s guidance of 6 %, suggesting the full‑year consolidated EBITDA guidance of 3‑4 % may be conservative.
  • J.P. Morgan forecasts 4 % EBITDA CAGR and 10 % EPS CAGR through 2028.
  • AT&T reported second‑quarter adjusted earnings of $0.65 per share, beating analyst estimates.
  • The company expanded its agreement with D‑Wave Quantum to leverage quantum‑computing technology.
  • Wolfe Research upgraded AT&T to Outperform.

Anterix (Overweight, 9 points, up 3 points)

  • Maintains an Overweight rating with a December 2027 price target of $130.
  • Valuation is based on $0.75 per megahertz‑per‑population, a discount to prior contracts averaging $1.40 per megahertz‑per‑population.
  • Approximately 85 % of Anterix’s spectrum remains uncommitted, concentrated in the top‑20 metropolitan areas.
  • Despite strong year‑to‑date price appreciation, J.P. Morgan considers the shares attractively valued.
  • Fiscal first‑quarter results showed earnings of $0.01 per share and revenue of $1.9 million, surpassing analyst expectations.

T‑Mobile (Overweight, 9 points, up 1 point)

  • The stock has fallen 5.5 % since the second‑quarter results, which J.P. Morgan views as an attractive entry point.
  • The firm projects core EBITDA CAGR of roughly 8 % and free‑cash‑flow‑per‑share CAGR of about 11 % through 2028.
  • T‑Mobile guided to third‑quarter post‑paid account net additions of 250,000, while J.P. Morgan models 260,000 additions, indicating upside potential.
  • The company’s CEO downplayed competitive threats from SpaceX, describing satellite‑based competition as overstated.
  • Bank of America noted that SpaceX’s wireless ambitions could potentially benefit T‑Mobile.

The article notes that the content was generated with AI assistance and reviewed by an editor, and it includes standard Reuters copyright notices.