Sprint (S) Estimates Slashed at Jefferies; Results Show Turnaround Won't Be Easy

Jefferies analyst Mike McCormack reiterated an Underperform rating and $4 price target on Sprint (NYSE: S) while cuting estimates following disappointing Q3 results.

McCormack commented, "As we had expected, effecting a turnaround is a costly proposition. 2015 EBITDA guidance is almost 20% lower than consensus forecasts, and also below our bearish estimate. Despite this, we continue to believe the "story" will find interest. Nonetheless, valuation dictates downside for the shares, and we advise even the most risk taking investors to wait this one out. We continue to see downside and maintain our Underperform rating and $4 price target.​"

The firm cut 2014 EPS from ($0.24) to ($0.46) and FY 2015 EPS from ($0.51) to ($0.62).

For an analyst ratings summary and ratings history on Sprint click here. For more ratings news on Sprint click here.

Shares of Sprint closed at $6.20 yesterday.

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