BTIG Upgrades Sprint (S) to Neutral; Valuation Call
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Price: $7.31 --0%
Rating Summary:
10 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
10 Buy, 17 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade S Now!
BTIG upgraded Sprint (NYSE: S) from Sell to Neutral.
BTIG analyst says, "We upgraded Sprint based on valuation as the stock now trades under 5.0x our 2012 EBITDA estimate, which is below consensus...We are not moving to a Buy because we believe that Sprint’s stock can fall further given its uncertain EBITDA, high debt leverage and lack of free cash flow. We also believe it needs to develop a clear 4G strategy including financing or taking control of Clearwire (Nasdaq: CLWR). At $2.00, Sprint would be trading at 4.0x our 2012 EBITDA estimate, excluding any investments it would need to make in Clearwire, spectrum or an acceleration of its network modernization program."
For more ratings news on Sprint click here and for the rating history of Sprint click here.
Shares of Sprint closed at $3.72 yesterday, with a 52 week range of $3.11-$28.00.
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BTIG analyst says, "We upgraded Sprint based on valuation as the stock now trades under 5.0x our 2012 EBITDA estimate, which is below consensus...We are not moving to a Buy because we believe that Sprint’s stock can fall further given its uncertain EBITDA, high debt leverage and lack of free cash flow. We also believe it needs to develop a clear 4G strategy including financing or taking control of Clearwire (Nasdaq: CLWR). At $2.00, Sprint would be trading at 4.0x our 2012 EBITDA estimate, excluding any investments it would need to make in Clearwire, spectrum or an acceleration of its network modernization program."
For more ratings news on Sprint click here and for the rating history of Sprint click here.
Shares of Sprint closed at $3.72 yesterday, with a 52 week range of $3.11-$28.00.
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