Financial ratings wrap-up: Nortel, Palm, 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.
Handset and infrastructure vendors
–R.W. Baird lowered its estimates on Nortel Networks after the company lowered its guidance. New estimates are a loss of 6 cents rather than profit of 29 cents for 2008 and a return of 20 cents rather than 70 cents for 2009. Lehman Brothers lowered its price target on Nortel to $3 from $6 and cut its estimates to a loss of 7 cents rather than a profit of 38 cents for 2008 and to 30 cents from 60 cents for 2009.
–Credit Suisse First Boston raised its estimates on Research In Motion on a trend of subsidy reallocation toward smart phones. The firm’s new 2008 EPS estimate on RIM is $3.71 and its 2009 estimate is $4.80.
–Credit Suisse First Boston cut its estimates on both Ericsson and Nokia on difficult handset conditions.
–RBC Capital Markets raised its price target on Palm to $8 from $5, saying it believes its quarterly results to beat estimates. The firm noted, however, that the company still faces challenges. RBC also raised its estimates on the company to a loss of 36 cents rather than a loss of 37 cents for 2009 and profit of 10 cents rather than 6 cents for 2010.
Other
–Avondale Partners upgraded Novatel Wireless to market perform on valuation.
–Credit Suisse First Boston lowered its estimates on Qualcomm on expectations for lower handset industry volume. New estimates are $2.23 rather than $2.25 for 2008; $2.76 rather than $2.90 for 2009; and $3.18 rather than $3.31 for 2010.