Weekly wireless ratings wrap-up

The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.

Click here for wireless ratings from past weeks from RCR Wireless News.

Carrier

• RBC Capital Markets adjusted its estimates on Sprint Nextel Corp. after conducting discussions with the company’s chief operating officer, Len Lauer. RBC said it believes it will take a few quarters before the company starts to show sequential improvements in its major operating metrics. For 2006, RBC raised its estimates on the carrier to $1.09 from $1.08, and for 2007 it lowered its estimates to $1.22 from $1.24.

Handset and infrastructure vendors

• RBC Capital Markets upgraded Research In Motion Ltd. to outperform from sector perform on improved visibility into the company’s market expansion, better-than-expected momentum from the pending product cycle and unannounced catalysts. RBC also raised its estimates on the company, to $3.05 from $2.96 for 2007 and to $3.95 from $3.68 for 2008. It also raised its price target on the company to $100 from $73.

   

• RBC Capital markets reduced its near-term estimates on L.M. Ericssonbased on concerns about delays in North America and Asia.

Other

• Credit Suisse First Boston reinstated coverage of Andrew Corp. with a neutral rating and an $11 price target. CSFB said it continues to view Andrew as a leader in wireless subsystems but that expansion into new markets will limit long-term margin improvements.

   

• First Albany Capital adjusted its estimates on LCC International Inc. after the company reported slightly lower-than-expected revenues for the second quarter. For 2006, it predicts the company’s net loss will close from 13 cents to 3 cents, but revenues will drop from $153.4 million to $140.5 million.

   

• Credit Suisse First Boston lowered its price target and estimates on Analog Devices Inc. after the company reported lower-than-expected third-quarter revenues and earnings. For 2006, CSFB now expects $2.63 billion and $1.50 per share, down from $2.7 billion and $1.58. For 2007, it expects $2.99 billion and $1.67 rather than $3.15 billion and $1.89. Prudential Equity Group also lowered estimates on ADI to $1.46 from $1.49 for 2006 and to $1.84 from $1.94 for 2007. RW Baird lowered estimates on the company for 2006 $1.44 from $1.53 and for 2007 to $1.77 from $1.90.