Sprint and Clearwire's WiMax Deal a Positive for NextWave (WAVE) - Canaccord
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Canaccord Adams believes Sprint (NYSE: S) and Clearwire's (Nasdaq: CLWR) WiMax venture has positive implications for NextWave (Nasdaq: WAVE). The firm is maintain their Speculative Buy rating and $10 price target on WAVE.
Commenting on how the CLWR/S deal bodes well for WAVE, the firm said, "We believe that this announcement is positive for NextWave on a number of fronts, including: 1) The new venture places a valuation on 2.5GHz spectrum owned by Sprint and Clearwire and further supports our view of the potential value of NextWave’s 2.5GHz spectrum position. Additionally, this announcement could bring another bidder to the table now that Clearwire is funded. 2) Google is actively involved with this network build-out which increases the magnitude of the Google Android OS being included in numerous devices offered to consumers (reminder: NextWave’s software [via PacketVideo] is embedded within Android). 3) This WiMAX deployment provides the opportunity to sign new MXtv partnerships, specifically with Samsung and Motorola."
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