BTIG Maintains Negative View on Sprint (S), Cuts Post-Paid Phone Ned Add Estimates

BTIG analyst Walter Piecyk lowered his Q4 2016 and Q1 2017 post-paid phone estimates for Sprint (NYSE: S) citing relative strength stemming from T-Mobile. He sees the launch of Pixel benefiting Verizon this quarter according to a note published for clients Wednesday morning.

Piecyk says he cut CQ4 post-paid phone net addition estimate by 40% from 638K to 372K based on higher churn and lower gross additions. Further adding "We increased our churn estimate to 1.53% from 1.45%, which increased the number of churned customers by 62,000."

He says the decline in gross add growth from 15.2% to 1.7% is "a material slowdown in gross add growth from 18.7% in CQ3."

Piecyk maintains a Sell rating on Sprint and keeps his PT at $2.50

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 $8.43 yesterday.

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