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
- RBC Capital Markets raised its price target on L.M. Ericsson to $35 from $34, saying despite some concerns about a seasonally weaker quarter, it remains encouraged by the company’s positioning and modest improvement in the business environment.
- RBC Capital Markets raised its price target on Motorola Inc. to $28 from $26 based on increased demand for the company’s products.
- BMO Capital Markets raised its price target on Research In Motion Ltd. to $96 from $80.
International
- Credit Suisse First Boston started coverage on Mobile Telecommunications Company, which provides service in Kuwait, with an outperform rating.
Other
- RBC Capital Markets lowered its price target on InfoSpace Inc. to $22 from $28 after the company announced one of its carrier partners plans to forge direct relationships music labels, a move the company expects to negatively impact its revenues. RW Baird lowered its price target on the company to $20 from $24.
- Standard & Poor’s Ratings Services lowered its corporate credit rating on Freescale Semiconductor to BB+ from BBB- after the company announced a definitive agreement to be purchased by a private equity consortium.
- Lehman Brothers downgraded Openwave Systems from overweight to equal weight on concerns about new product ramp ups, declining gateway/browser sales and recent share appreciation.
- RBC Capital Markets raised its rating on VeriSign Inc. to outperform from sector perform after the company sold its Jamba subsidiary to News Corp. RBC said the sale removes some uncertainty surrounding the company. The firm also raised its 2007 EPS estimates on the company from $1.04 to $1.07.
