Sprint Corp. (S): Now The Hard Part Begins - Macquarie
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Macquarie analyst, Amy Yong, reiterated her Outperform rating on shares of Sprint (NYSE: S) along with the price target of $7. The analyst noted that the first two years into the five-year plan were largely successful, marked by improved liquidity, a new regional sales structure, and a stabilized customer base. However, she also believes that the next three years will be a grind although there are signs of operational momentum, which underpins her 5.75x multiple target.
The analyst noted that the one-two punch of Unlimited Freedom that began August 26th and the iPhone 7 will likely put Sprint in a net port positive position. The analyst believes that Sprint's iPhone Forever initiative is clearly working, minimizing churn. Meanwhile, Unlimited Freedom is attracting both single and sticky multi-line plans, driving average lines per account higher.
Shares of Sprint closed at $6.36 yesterday.
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