Pali Research Upgrades Virgin Mobile (VM) to Neutral
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Pali Research upgrades Virgin Mobile (NYSE: VM) from Sell to Neutral based on valuation.
Pali analyst says, "Our 2008 EBITDA estimate is below guidance of $105-$130 million and consensus of $99 million so valuation alone would not be enough for us to consider recommending purchase of the stock until our peers estimates declined or we saw greater EBITDA opportunities...While Q3 may have presented challenges for Sprint's CDMA business we do not believe those trends in the post paid market apply to Virgin Mobile business...We believe the integration of the recently acquired Helio will be challenging and represents a change in the company's strategy."
Virgin Mobile USA, Inc. principally serves as the holding company for Virgin Mobile USA, L.P., an indirect, majority owned (81.5%) subsidiary engaged in the wireless communications services business.
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