Financial ratings wrap-up: AT&T, Motorola, Analog Devices 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
–Standard & Poor’s Ratings Services said it assigned it’s A rating to AT&T Inc.‘s proposed $2 billion of global notes due 2008 and $1 billion of global notes due 2013. Proceeds are expected to be used for general corporate purposes. “Our ratings on AT&T reflect its strong position in the fast-growing wireless sector, the healthy financial performance of its wireline business, and modest financial profile,” said Standard & Poor’s credit analyst Catherine Cosentino.
Handset and infrastructure vendors
–Lehman Brothers lowered its price target on Motorola Inc. to $21 from $22 to reflect ongoing handset share declines. The firm also lowered its estimates on the company to 22 cents from 23 cents for 2007 and to 58 cents from 66 cents for 2008. CIBC World Markets lowered its price target on the company to $21 from $23. Credit Suisse First Boston lowered its estimates on Motorola to 22 cents on $36.5 billion from 24 cents on $36.8 billion for 2007 and to 77 cents on $39.8 billion from 93 cents on $41 billion for 2008.
Other
–Lehman Brothers lowered its 2007 estimates on Texas Instruments to $1.76 from $1.80, saying trends remain mixed with strong analog balanced by weakness in wireless.
–Baird Equity Research lowered its price target on Analog Devices to $35 from $37 after the company reported in-line fiscal fourth-quarter results but lower-than-expected guidance. The firm also lowered its 2008 EPS estimate to $1.79 from $1.91. Credit Suisse First Boston adjusted its estimates on the company to $1.71 on $2.68 billion in revenues for 2008 from $1.72 on $3.02 billion. Lehman Brothers lowered its estimates on the company to $1.77 from $1.86.
–Credit Suisse First Boston lowered its price target on Powerwave Technologies Inc. to $6 from $7, saying visibility into a sustainable recovery for revenues and earnings remains limited. The firm also lowered its estimates on the company to 12 cents on $900 million in revenues for 2008 from 20 cents on revenues of $1 billion.