Citi Reiterates 'Sell' Rating on Clearwire Corp (CLWR)
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Citi reiterates a 'Sell' rating on Clearwire Corp (Nasdaq: CLWR). Price target $13.
Citi analyst says, "We remain a seller of CLWR shares, as we believe its coverage strategy is unsustainable in its current form, while we believe competition for mobile broadband services could accelerate with a push from AT&T and Verizon to find sources of mobile revenue growth, as demand for postpaid voice subscriptions begins to meaningfully slow...We believe both AT&T (NYSE: T) and Verizon (NYSE: VZ) are better positioned to compete with a cleaner, more effective mobile broadband product strategy with reliable national coverage networks, solid 3G speeds, wider device variety and the potential for 4G deployments to accelerate into the 2010 timeframe, whereas we do not view CLWR's potential Internet speed advantage over the next 2-3 yrs as a compelling point of differentiation."
Clearwire Corporation builds and operates wireless broadband networks that enable Internet communications.
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