Financial ratings wrap-up: Qwest, Verizon, Sprint Nextel and more

The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.
Carrier
–Credit Suisse First Boston upgraded Qwest Communications International to neutral from underperform and raised its price target to $9 from $7.50 after the carrier reported quarterly earnings.
–Prudential Equity Group upgraded Verizon Communications to neutral from underweight, saying the company shows signs of improving revenue growth and continued dominance in wireless. Prudential raised its estimates on Verizon to $2.40 from $2.15 for 2007 and to $2.60 from $2.25 for 2008. R.W. Baird adjusted its estimates on the company to $2.31 from $2.33 for 2007 and to $2.62 from $2.57 for 2008.
–Prudential Equity Group downgraded Sprint Nextel to underweight from neutral, saying the company is stuck with multiple operating challenges and is losing wireless market share. Prudential also lowered Sprint Nextel’s price target to $16 from $17 and lowered its estimates to 80 cents from 85 cents for 2007 and to 90 cents from 95 cents for 2008. RW Baird lowered its estimates on the company to 88 cents from 94 cents for 2007 and to $1.06 from $1.22 for 2008.
–Credit Suisse First Boston lowered its estimates on Alltel after the company reported solid quarterly results but provided no comment on its strategic review. New estimates are $2.73 rather than $2.97 for 2007 and $3.22 rather than $3.51 for 2008. R.W. Baird lowered its 2008 estimates on the company to $3.19 from $3.20.
Handset and infrastructure vendors
–Credit Suisse First Boston upgraded Research In Motion Ltd. to neutral from underperform and raised its price target to $145 from $100, saying it expects the company to benefit from rapid smartphone market growth.
–Goldman Sachs downgraded Nortel Networks Ltd. to sell from neutral.
Other
–CIBC World Markets raised its estimates on Novatel Wireless after the company delivered strong first-quarter results. New estimates are EPS of $1.09 on revenues of $393.5 million from $1 on $383.1 million for 2007 and to $1.17 on $419.5 million from $1.06 on $432.7 million for 2008. Avondale Partners raised its price target on the company to $20 from $18.
–RBC Capital Markets raised its rating on Alvarion Ltd to outperform from sector perform and raised its price target to $11 from $10, noting the company has solid traction in the expanding WiMAX market. RBC also raised its estimates on the company to 13 cents on $220 million in revenues for 2007. First Albany Capital adjusted its estimates on the company, saying the company’s first-half momentum is not sustainable. New estimates are 8 cents, down from 12 cents for 2007 and 24 cents, rather than 20 cents, for 2008. CIBC World Markets raised its estimates on the company to $221.7 million in revenues from $213.8 million for 2007 and to $257.7 million from $247.6 million for 2008. CIBC also raised the company’s price target to $10 from $9.
–CIBC World Markets upgradedRF Micro Devices to sector outperformer from sector performer and set an $8 price target on the company. The firm said it believes the company’s shares are near bottom and that it is looking for a recovery.
–CIBC World Markets lowered its estimates on Brightpoint saying the company will suffer a ripple effect from Motorola Inc.’s meltdown. For 2007 it expects EPS of 73 cents rather than 76 cents.
–Prudential Equity Group lowered its price target on Broadcom Corp. to $37 from $38 on disappointing second-quarter expectations. Prudential also lowered its EPS estimates on the company to 37 cents from 72 cents for 2007 and to 76 cents from $1.23 for 2008. Credit Suisse First Boston lowered its estimates on the company to 42 cents on $3.82 billion from 62 cents on $3.88 billion for 2007 and 72 cents on $4.75 billion from 89 cents on $4.88 billion for 2008. It also lowered its price target on the company to $22 from $26.