Pali Research Upgrades Sprint Nextel (S) to Neutral, Says May Be Attractive To an Acquirer
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Pali Research upgrades Sprint Nextel (NYSE: S) from Sell to Neutral, saying the current valuation could attract an acquirer.
The firm said it is not appropriate to move to a Buy rating because fundamentals continue to worsen and current consensus estimates do not to reflect their view of a further EBITDA decline in 2009, among other things.
The firm thinks investors should target the removal of at least three board members.
Shares of Sprint Nextel are down over 26% today on continued deterioration of the business. The company is closing retails stores and cutting 4,000 jobs.
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