Sprint (S) Shares Lower as Stifel Nicolaus Downgrades to Sell, Sets $4.50 Price Target

Sprint (NYSE: S) shares are down more than 1 percent in morning trade as an analyst at Stifel Nicolaus has slapped a Sell rating on the stock. Shares of Sprint last traded at $5.52.

The firm reduced its investment rating on the communications company from Hold to Sell. Stifel set a new $4.50 price target on the stock, suggesting further downside of about 18 percent from where the stock is trading Tuesday.

Stifel Nicolaus cites the company's upcoming unveiling of its 4G strategy, saying the announcement will be more expensive and complicated than previously expected. The firm argues increased level of capex will spur negative free cash flow trends which will linger for the next few years.

For more ratings news on Sprint click here and for the rating history of Sprint click here.

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