Financial ratings wrap-up: Adtran, Nokia, Texas Instruments 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 rating on AT&T Inc.‘s commercial paper program, which has been raised to $15 billion from $12 billion.
–Morgan Stanley upgraded CenturyTel to overweight from equal weight but cut its price target to $38 from $41 on reduced industry-wide expectations. The company said it believes CenturyTel may have the lowest downside risk among rural local exchange carriers.
Handset and infrastructure vendors
–Oppenheimer reiterated its outperform rating and $40 price target on Nokia on expectations of inline first-quarter results. The firm, however, lowered its estimates on Nokia to adjust for levels it said were previously too high. Lehman Brothers lowered its price target on Nokia to $36 from $40 and cut its 2008 EPS estimate on the company to $2.37 from $2.50. Lehman assigned a $2.56 EPS estimate on the company for 2009.
–Credit Suisse First Boston downgraded LG Electronics to neutral from outperform on valuation and raised its estimates and price target on the company.
Other
–RBC Capital Markets raised its price target on F5 Networks to $25 from $22.
–RBC Capital Markets lowered its price target on Openwave Systems to $2.50 from $3 after the company warned of lower-than-expected third-quarter results.
–Lehman Brothers lowered its 2009 EPS estimate on Texas Instruments to $2.15 from $2.20 after the company reported inline first-quarter results. Credit Suisse First Boston lowered its estimates on the company on weak guidance. R.W. Baird lowered its estimates on the company to $2.05 from $2.18 for 2008 and to $2.05 from $2.20 for 2009. The firm also cut its price target on TI to $30 from $32.
–Oppenheimer reiterated its outperform rating on Brightpoint but lowered its price target to $14, noting significant pressure from growth and profitability concerns in the handset market. The company said it believes Brightpoint will fall short of estimates and lowered its forecast for the company to 89 cents from $1 for 2008 and to $1.03 from $1.19 for 2009.
–R.W. Baird reiterated its neutral rating and $23 price target on Adtran on revenue outperformance due to strong shipments to AT&T. The firm lowered its 2008 EPS estimate on the company to $1.20 from $1.22 but raised its 2009 EPS estimate to $1.30 from $1.27. It also raised its 2008 and 2009 revenue estimates on the company to $513 million from $508 million and to $546 million from $543 million, respectively. Credit Suisse First Boston adjusted its estimates on the company to $1.44 on revenues of $531.9 million from $1.42 on $531.6 million for 2008 and to $1.54 on $571.7 million from $1.55 on $568 million for 2009. CSFB also lowered its price target on Adtran to $22 from $25. Lehman Brothers raised its 2008 EPS estimate on the company to $1.21 from $1.20 and assigned a $1.35 EPS estimate for 2009.
–Lehman Brothers raised its estimates on Sierra Wireless on indications of healthy orders for second-quarter shipments of its new Compass USB to Sprint Nextel Corp. and other strong demand and market share indicators. New estimates are $1.56, up from $1.44 for 2008 and $1.72, up from $1.60, for 2009.