The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.
- Carrier
- Lehman Bros. raised its price target on Leap Wireless International to $85 from $50, saying it believes the company can sustain strong subscriber and EBITDA growth for the next several years.
- Raymond James downgraded Sprint Nextel to outperform from strong buy and reiterated its $23 price target on the company.
- Morgan Stanley started coverage on Clearwire Corp. with an overweight rating and a $28 price target.
- RBC Capital Markets raised its rating on AT&T Inc. to outperform from sector perform and upped its price target on the company to $43 from $37.
Handset and infrastructure vendors - RBC Capital Markets increased its price target on Nokia Corp. to $24 from $22 after the company reported light revenues but in-line EPS. CIBC World Markets raised its 2007 EPS estimates on the company to $1.67 from $1.58 and its 2008 estimate to $2.04 from $1.88.
- CIBC World Markets adjusted its estimates on Motorola Inc. after the company reported disappointing first-quarter results. CIBC said it believes company management has identified the key problems to address a turnaround in its device business. New estimates are EPS of 31 cents on sales of $39.9 billion, down from 53 cents on $41.4 billion for 2007, and 81 cents on sales of $44.2 billion from $1.19 on $46.5 billion for 2008. BMO Capital Markets lowered its estimates on Motorola to EPS of 41 cents from 58 cents for 2007 and to $1 from $1.30 for 2008.
Other - First Albany Capital raised its estimates on InterDigital Communications Corp. after the company raised its first-quarter guidance. First Albany now expects EPS of 90 cents on revenues of $220.1 million for 2007, up from 81 cents on $207.6 million.
