The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.
- Handset and infrastructure vendors
- CIBC World Markets further lowered its estimates on Motorola Inc. on stronger-than-expected weakness throughout its handset operation. Its 2007 estimates drop to $44.1 billion and $1.01 per share from $46.8 billion and $1.16 per share. Its 2008 estimates drop to $48.4 billion and $1.33 from $50.2 billion and $1.54 per share.
Other - CIBC World Markets tweaked its estimates on Brightpoint on shipment weakness for Motorola as well as a slow turnaround at Sprint. Its 2007 estimates drop to $2.65 billion and 76 cents per share from $2.7 billion and 82 cents per share and its 2008 estimates drop to $2.97 billion and 95 cents per share from $3.03 billion and 97 cents per share.
- CIBC World Markets raised its second quarter EPS estimates on Qualcomm Inc. to 49 cents from 44 cents and its FY 07 EPS estimate to $1.88 from $1.79. The firm said it sees momentum in the second half as Motorola ramps up as a chipset customer. Prudential Equity Group raised its EPS estimate on the company to $1.63 from $1.60 for 2007. BMO Capital Markets raised its EPS estimates on the company to 49 cents from 43 cents for the second quarter and to $1.85 from $1.79 for 2007. Credit Suisse First Boston raised its price target on the company to $52 from $50 and its 2007 estimates to $8.8 billion and $1.67 from $8.6 billion and $1.57 per share.
- Prudential Equity Group raised its estimates on Texas Instruments after the company narrowed its revenue and EPS guidance. The company’s new EPS estimate for TI for 2007 is $1.72 rather than $1.61. Prudential also raised its price target on TI to $38 from $34. R.W. Baird raised its EPS estimate on the company for 2007 to $1.39 from $1.38.
- RBC Capital Markets downgraded RadioShack Corp. to underperform from sector perform, saying the company has done an impressive job reducing its cost structure but it expects further improvements to be moderate.
