Financial ratings wrap-up: Alltel, Nokia, American Tower 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
–R.W. Baird raised its EPS estimate on Alltel to $2.84 from $2.80 after the company reported solid second-quarter results. Lehman Brothers raised its estimates on the company to $2.96 from $2.92 for 2007 but lowered its 2008 estimates to $3.50 from $3.60.
–Morgan Stanley raised its price target on Rogers Communications Inc. to $48.38 from $44.59 after the company reported strong second-quarter results.
–Morgan Stanley upgraded Qwest Communications International to equal weight from underweight.
–RW Baird adjusted its estimates on MetroPCS after the company reported solid second-quarter results. The firm expects the company to report EPS of 45 cents rather than 43 cents for 2007 and 46 cents rather than 60 for 2008.
–Standard & Poor’s Ratings Services raised its ratings on SunCom Wireless Holdings Inc. to B- from CCC+. “The upgrade reflects SunCom’s better operating performance, as well as the favorable impact of its May 2007 subordinated debt exchange,” said Standard & Poor’s credit analyst Susan Madison.
Handset and infrastructure vendors
–RBC Capital Markets raised its price target on Nokia to $33 from $32, saying the company is gaining share from Motorola. Credit Suisse First Boston upgraded the company to outperform from neutral.
–Credit Suisse First Boston lowered its price target on Nortel Networks to $17 from $19.
–RBC Capital Markets raised its price target on Alvarion Ltd. to $12 from $11 after the company reported good second-quarter results. The firm also raised its estimates on the company to 13 cents on $233 million from 9 cents and $223 million for 2007. First Albany Capital upgraded Alvarion to buy from neutral and assigned it a $14 price target. It also increased its estimates on the company to 13 cents on revenues of $233.1 million from 8 cents on $215 million for 2007 and to 28 cents on $287.9 million from 24 cents on $254.6 million for 2008.
–Credit Suisse First Boston cut its 2007 estimates on Alcatel-Lucent. R.W. Baird lowered its estimates on Alcatel-Lucent after the company reported gross margins well below expectations. Baird now expects the company to report EPS of 51 cents rather than 54 cents for 2007 and 83 cents rather than 88 cents for 2008.
Other
–RBC Capital Markets raised its price target on American Tower to $47 from $46 after the company reported strong second-quarter results. It also bumped its revenue estimates for the company to $974.2 million from $973.8 million for 2007 but lowered its 2008 revenue estimate to $1.09 billion from $1.12 billion.
–Credit Suisse First Boston lowered its price target on UT Starcom to $4 from $7, saying visibility into the company’s growth and profitability remain weak.
–RBC Capital Markets raised its price target on Crown Castle to $44 from $41 saying the company’s 2007 guidance appears achievable and noting solid wireless tower fundamentals. In addition, the firm raised its revenue estimates on the company to $754.7 million from $742.9 million for 2007 and to $880.5 million from $850.9 million for 2008.
–RBC Capital Markets lowered its price target on Sierra Wireless to $23 from $27, saying its growth outlook is slowing in the company’s core business. The firm, however, raised its estimates on the company to $1.03 on $420 million in revenues from 94 cents on $397 million for 2007 and to $1.28 on $496 million from $1.16 on $485 million for 2008.
–RW Baird raised its estimates on Syniverse Holdings Inc. after the company reported strong second-quarter earnings and raised guidance. The firm now expects Syniverse to report EPS of 87 cents rather than 79 cents for 2007 and 98 cents rather than 91 cents for 2008. Avondale Partners raised its price target on the company to $15 from $12 and bumped its estimates to 69 cents on revenues of $329.8 million from 89 cents on revenues of $350.9 million.
–RBC Capital Markets lowered its price target on Openwave Systems to $6.50 from $9, saying it expects the company to report in-line fourth-quarter figures as the company struggles. R.W. Baird adjusted its estimates on Openwave to a loss of 39 cents rather than a loss of 43 cents for 2007 and to a profit of 4 cents rather than a loss of 8 cents for 2008.
–Credit Suisse First Boston lowered its estimates on RealNetworks after the company lowered its guidance. For 2007, CSFB now expects the company to report EPS of 23 cents on revenues of $567 million.