Sprint Says No to Clearwire (CLWR), Kaufman Bros. Lowers Price Target to $6

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Kaufman Bros. is lowering their price target on Clearwire (NASDAQ: CLWR) as Sprint elected not to participate in the company's recent debt issuance, which may dilute its stake below 50% if all the notes are actually substituted for shares. The firm reports that, "we are lowering our price target to $6 from $7 reflecting a material increase in Treasury yields in the past few months and a DCF with a terminal 5% growth rate, 13% discount rate and a 10% discount to the private market value around the recent wholesale uncertainty."

For more ratings news on Clearwire click here and for the rating history of Clearwire click here.

Shares of Clearwire closed at $5.29 yesterday, with a 52 week range of $5.35-$8.82.

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