Jefferies Downgrades Clearwire (CLWR) to Hold, Asset Valuable but Equity Value Unclear

Jefferies downgraded Clearwire (NASDAQ: CLWR) from Buy to Hold with a price target of $2.00 (down from $4.00).

The firm comments, "We are downgrading CLWR shares to Hold from Buy and reducing our 2012 YE target price to $2 from $4. In our view, while the asset value of CLWR's spectrum remains the same, near-term bandwidth availability from VZ, and potentially DISH, could delay CLWR's spectrum sale. We believe CLWR funding gap of $2.5 billion could become a challenge as early as 2Q13 in the absence of an asset sale."

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 $1.55 yesterday.

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