Collins Stewart Downgrades Sprint (S) to Hold; Cites Higher Capex, Shift In 4G Strategy

Collins Stewart downgraded Sprint (NYSE: S) from Buy to Hold, price target cut from $5 to $3.

Collins analyst says, "After upgrading the stock only two months ago, we are returning to a Neutral rating after the details of the Network Vision plan call for substantially higher cap-ex, lower wireless service margins and significantly higher cash consumption while at the same time effectively abandoning a 4G platform it had touted for years as an industry leader. We no longer look for margins to rebound sooner with higher spending."

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

Shares of Sprint closed at $2.41 yesterday.

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