Financial ratings wrap-up: Alcatel-Lucent, American Tower, Sierra Wireless 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 revised its outlook on BT Group PLC, a subsidiary of British Telecommunications, to negative from stable following the company’s report of a weaker EBITDA and profit margin performance.
Handset and infrastructure vendors
–RW Baird adjusted its estimates on Alcatel-Lucent after the company reported in-line third-quarter results and stable guidance. New estimates are 42 cents rather than 39 cents for 2008 and 34 cents rather than 65 cents for 2009. It also lowered its price target on Alcatel-Lucent to $3.
–Goldman Sachs upgraded Aruba Networks to neutral from sell on valuation. The firm also lowered its price target on the company to $3.40 from $4.
Other
–Barclays Capital raised its EPS estimates on American Tower to 51 cents from 48 cents for 2008 but lowered its 2009 EPS estimates on the company to 60 cents from 64 cents for 2009. The move comes after the company reported strong third-quarter results and provided better-than-expected guidance.
–Oppenheimer cut its price target on Alvarion to $8 from $9 despite strong third-quarter results but a cautious outlook.
–RBC Capital Markets increased its price target on F5 Networks to $28 from $24, saying the company is in the midst of a strong product cycle.
–RBC Capital Markets raised its price target on SBA Communications to $23 from $21 on strong quarterly results and strong anticipated leasing activity in 2009. Barclays Capital adjusted its EPS estimates on the company to a loss of 56 cents rather than a loss of 49 cents for 2008 and to a loss of 27 cents rather than a loss of 9 cents for 2009.
–JP Morgan lowered its estimates on Powerwave after the company reported mixed third-quarter results. New estimates are EPS of 11 cents on revenues of $852 million from 34 cents on revenues of $1 billion. RW Baird downgraded Powerwave to neutral and lowered its price target to $2
–Oppenheimer lowered its price target on RF Micro Devices to $6 from $7 after the company reported strong third-quarter results but flat to lower guidance for the fourth quarter. Barclays Capital lowered its price target on the company to $3 from $4 and cut its EPS estimates to 19 cents from 23 cents for 2008 and to 21 cents from 31 cents for 2009.
–Oppenheimer lowered its price target on Sierra Wireless to $13 from $16 after the company’s third-quarter results and outlook came in below expectations. RBC Capital Markets lowered its price target on Sierra to $9 from $10 and lowered its EPS estimates to $1.13 from $1.24 for 2008 and to $1.07 from $1.31 for 2009. Avondale lowered its price target on Sierra to $10 from $13.50.
–Barclays Capital slightly lowered its EPS estimates on Broadcom to $1.66 from $1.67 for 2008 and to $1.36 from $1.38 for 2009 to reflect its acquisition of AMD’s DTV business.