The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.
Carrier
–JP Morgan resumed coverage on Clearwire following the close of its deal with Sprint Nextel to combine WiMAX assets. The firm rates Clearwire at neutral.
Handset and infrastructure vendors
–RBC Capital Markets cut its price target on Palm to $2 from $8 after the company warned revenues are expected to fall below analyst estimates. RBC Capital also reduced its estimates on the company to a loss of $1.12 from a loss of 36 cents for 2009 and to a loss of 64 cents rather than profit of 10 cents for 2010.
–Oppenheimer lowered its price target on Nokia to $38 from $40 on near-term challenges. The firm noted Qualcomm is well positioned to emerge a strong competitor after the current downturn, but that it will face severe inventory correction in the next couple of quarters.
Other
–Oppenheimer cut its price target on Skyworks to $8 from $10 after the company pre-announced fourth-quarter weakness in orders from wireless and analog customers.
Financial ratings wrap-up: Clearwire, Palm, Nokia and more
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