The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.
Carrier
–Morgan Stanley cut its price target on Embarq Corp. to $55 from $59, saying it expects the company’s stock to underperform relative to the broader telecom sector during the next year.
Handset and Infrastructure Vendors
–RBC Capital Markets adjusted its rating on Research In Motion from Top Pick to Outperform. The firm said it made the change following recent price strength, saying there is less opportunity for an ‘upside surprise.’ The firm increased its price target on the company to $115 from $110. Lehman Brothers raised its price target on RIM to $106 from $84.
–Broadpoint Capital raised its price target on Alvarion Ltd. to $16 from $14, saying the company is well positioned to benefit from growing momentum in the WiMAX market.
–Lehman Brothers lowered its 2008 estimates on Palm Inc. to 25 cents from 35 cents and its 2009 estimates to 33 cents from 42 cents after the company lowered its near-term guidance. The firm noted a significant shift to lower-tier devices at the company. Credit Suisse First Boston lowered its price target on the company to $15 from $16.50, noting it expects increasing competition to continue to adversely affect the company’s market share.
