This article was originally published on TipRanks.com
Telecommunications and wireless network major T-Mobile US, Inc. (NASDAQ:TMUS) recently revealed that it has acquired rideshare advertising network operator, Octopus Interactive. The financial terms of the deal have not been disclosed so far.
Following the news, shares of the company declined more than 3.6% to close at $105.52 in Monday’s extended trading session.
The company is slated to report its upcoming earnings on February 10, 2022.
Octopus’ unique operations of providing interactive video screens inside Uber and Lyft vehicles will allow T-Mobile to connect its Marketing Solutions group with clients like Audible, Fox Entertainment, Philo and others.
Further, the acquisition will enable T-Mobile to carry out specific geotargeted campaigns across a diverse range of consumers.
The GM of Marketing Solutions, a division of T-Mobile, Mike Peralta, said, “With this move, we’re expanding our toolkit for marketers, meeting the needs of advertisers and empowering brands to better connect with consumers, beyond linear and traditional digital channels.”
On January 10, Deutsche Bank analyst Bryan Kraft reiterated a Buy rating on the stock. The analyst, however, lowered the price target from $185 to $175, which implies upside potential of 65.5% from current levels.
Consensus among analysts is a Strong Buy based on 12 Buys and 1 Hold. The average T-Mobile price target of $162.85 implies upside potential of 40.9% from current levels. Shares have declined 20.5% over the past year.
TipRanks’ Website Traffic Tool, which uses data from SEMrush Holdings (SEMR), the world’s biggest website usage monitoring service, offers insight into T-Mobile’s performance this quarter.
According to the tool, the T-Mobile website recorded a 5.82% monthly rise in global visits in December, compared to the same period last year. Moreover, the website traffic has grown 19.10% year-to-date, compared to the previous year.
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