Financial ratings wrap-up: Leap, RIM, Qualcomm 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 affirmed its ratings on Leap Wireless, including its B- corporate credit rating, and removed the company from CreditWatch. The outlook is stable. The action follows the company’s release of its second-quarter 2007 10-Q, which brings it into compliance with reporting requirements under its credit facility.
Handset and infrastructure vendors
–Credit Suisse First Boston raised its estimates on Research In Motion, saying it expects the company to benefit from accelerating smartphone market growth. New estimates are EPS of $2.22 rather than $2.20 for 2008 and $3.70 rather than $3.65 for 2009. Lehman Brothers adjusted its estimates on RIM to $2.23 from $2.19 for the current year and to $3.36 from $3.33 for next year.
–Credit Suisse First Boston lowered its price target on Palm Inc. to $5.50 from $6 after the company offered disappointing guidance. CSFB also lowered its estimates on the company to a loss of 21 cents rather than a loss of 11 cents for FY2008 and to a profit of 3 cents rather than a profit of 9 cents for 2009.
Other
–Lehman Brothers initiated coverage on Syniverse Holdings with an overweight rating, noting the company’s exposure to wireless traffic growth, improving global share and attractive valuation. The firm assigned a $21 price target to Syniverse.
–CIBC World Markets raised its first-quarter EPS estimate on Qualcomm Inc. to 53 cents from 51 cents and its 2008 EPS estimate to $2.17 from $2.12. The move comes after the company raised its guidance. The firm also raised its 2009 EPS estimate on the company to $2.49 from $2.44. Goldman Sachs adjusted its estimates on Qualcomm to EPS of $1.86 on revenues of $9.94 billion from $1.85 on $9.85 billion for 2008. Lehman Brothers raised its EPS estimates on the company to $2.12 from $2.10 for the current year.
–Broadpoint Capital raised its 2008 revenue estimates on WPCS International Inc. to $107 million from $106.5 million after the company reported in-line second-quarter 2008 results.
–R.W. Baird upgraded Plantronics to outperform from based on expected continued strength in the company’s Call Center and Office segment as well as the firm’s belief that recent negative sentiment regarding its mobile division revenues are unwarranted.