The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.
Click here for wireless ratings from past weeks from RCR Wireless News.
Handset and infrastructure vendors
- Goldman Sachs raised its price target on Research In Motion Ltd. to $110 from $96.
- RBC Capital Markets lowered its estimates on Palm Inc. after the company reported in-line first-quarter results but weak guidance. New EPS estimates are 90 cents, down from $1.02, for 2007 and 96 cents, down from $1.16, for 2008. Credit Suisse First Boston also lowered its estimates on Palm. New estimates for 2007 are EPS of 90 cents on revenues of $1.7 billion, down from $1 on $1.8 billion. For 2008, estimates change from EPS of $1.06 on $2 billion in revenues, down from $1.13 on $2.1 billion. Lehman Brothers lowered its estimates on the company to 75 cents on $1.6 billion from 88 cents on $1.7 billion for 2007.
- Analysts at Cowen and Co. initiated coverage on L.M. Ericsson with an outperform rating.
Other
- RBC Capital Markets raised its price target on Global Signal Inc. to $52 from $47, noting optimism about the company’s ability to compete in the market.
- BMO Capital Markets raised its fourth-quarter estimates on Broadcom Corp., saying its channel checks indicate the company’s visibility has improved going into the quarter. BMO raised its 2006 EPS estimates to $1.32 from $1.29 and its 2007 EPS estimate to $1.33 from $1.30.
- RW Baird raised its price target on Andrew Corp. to $10 from $9 after the company announced plans to streamline its operational divisions.
- Credit Suisse First Boston reduced its estimates on NeuStar after the company announced a four-year extension on its number portability contracts but expectations of lower revenues on those contracts. For 2007, CSFB expects NeuStar’s EPS and revenues to be $1.31 and $402.3 million, down from $1.34 and $410.8 million. CSFB also reduced its price target on the company to $38 from $41. RW Baird lowered its estimates on the company for 2007 to $1.02 from $1.21 and lowered its price target on the company from $42 to $38. Avondale Partners also lowered its revenue estimates on the company to $374 million from $394 million for 2007 and its EPS estimates to $1.09 from $1.14. Avondale reduced its price target on the company to $38 from $40.
