Soleil Downgrades Sprint Nextel (S) to Hold; $10 PT
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Soleil Securities Group downgrades Sprint Nextel (NYSE: S) from Buy to Hold. The firm has a $10 price target on the stock.
The firm said the downgrade on Sprint Nextel comes as the stock is approaching Soleil's price target.
Soleil believes that "the separation of WiMAX could bring in bidders for the remaining Sprint assets." On a sum-of-the-parts basis, the firm believes Sprint should be valued at $15. Soleil raised its FY08 estimated loss on Sprint from ($1.26) to ($1.32), versus the Street consensus of a $0.12 profit, and lowered its FY09 estimated loss from ($0.91) to ($0.83), versus the consensus of a $0.11 gain. Soleil said its larger expected FY08 loss for Sprint was due to "the slowdown in wireless growth..."
Sprint Nextel Corporation offers a range of wireless and wireline communications services to consumers, businesses, and government users in the United States and internationally. [BCS]
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