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UBS maintains a 'Neutral' on Clearwire (CLWR); Adjusting Estimates & PT After Mgmt Meeting

July 3, 2012 1:05 PM EDT Send to a Friend
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Price: $4.99 --0%

Rating Summary:
    3 Buy, 13 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 3 | Down: 4 | New: 7
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UBS maintains a 'Neutral' on Clearwire (NASDAQ: CLWR) price target of $1.25 (from $2.25).

Analyst, John C. Hodulik, said, "Following g a recent management meeting with Clearwire, we see few catalysts in the next 3-6 months...We now expect 2Q wholesale net adds of 400K (prev. 700K) and 1.4M for 2012E (prev. 2.3M). Wholesale WiMAX revenues from Sprint (NYSE: S) are fixed at $450M/yr in 2012 and 2013; we project total 2Q revs of $313M (prev. $304M) and 2012E revs of $1.25B (prev. $1.20B). Adj EBITDA (less noncash items) for 2Q goes to -$106M (prev. -$75M); adj EBITDA is -$324M for 2012E (guidance - $250M to -$350M). Our 2012E EPS goes to -$1.53 from -$1.62, while 2013E goes to -$1.52 from -$1.32 and 2014E goes to -$1.43 from -$1.02."

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

Shares of Clearwire closed at $1.12 yesterday.




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