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A T-Mobile US Inc.  (TMUS) and Sprint Corp.  (S) merger or acquisition has been in the works for a long time. While Sprint was struggling, T-Mobile was taking it to Verizon (VZ) and AT&T (T) . Now Sprint is doing better and the duo -- thanks to their unlimited offerings -- have forced Verizon and AT&T into the unlimited battle. With interests renewed, M&A talks are back on the table.

The argument for a tie-up are simple: Sprint/T-Mobile would be a more solidified force that will continue to chip away at Verizon and AT&T. Of course, others will argue that Sprint/T-Mobile reduces competition and therefore could be negative for consumers.

Analysts seem split on whether the government will let such a deal go through. Should they do so, Jefferies analyst Mike McCormack says TMUS stock could head to $90.

McCormack agrees that regulatory approval could be difficult. However, he makes the case that it could bring "massive synergies" and make for a stronger third player in the wireless carrier market.

Those synergies could run as high as $4.5 billion by the third year, and assuming an all-stock transaction, could push TMUS stock higher by more than 40% to $90 per share. With or without the deal, T-Mobile has "significant value" on its own. As a result, McCormack maintains his buy rating and $80 price target on TMUS stock.

TMUS stock is up 0.25% to $63.05 in early Tuesday trading, while S stock is down 0.77% to $7.76.

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Updated from 10:32 AM ET to omit Sprint's involvement in 2016 FCC spectrum auction.

This article is commentary by an independent contributor. At the time of publication, the author had no positions in the stocks mentioned.