T-Mobile US (TMUS) has the most strategic partnership value, least exposure to low Earth orbit providers, and the greatest wireless pricing flexibility, and the market is overreacting to peak concerns, BofA Securities said in a note Monday.

BofA said T-Mobile has the least exposure to competitive threat posed by LEO providers, and the management has publicly denied interest in a mobile virtual network operator agreement with a LEO provider, the brokerage said.

A partnership or strategic combination between a LEO provider and T-Mobile could be mutually beneficial, given T-Mobile's lack of large-scale fiber strategy, spectrum position, and dense urban wireless coverage, according to the note.

T-Mobile has the greatest flexibility to increase price, which supports its forecast for 2.5% to 3% postpaid average revenue per account growth, as well as top line and margin expansion, the note added.

BofA upgraded T-Mobile to buy from neutral with an unchanged price target of $220.

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