Nomura Securities Maintains a 'Neutral' on Sprint (S); 3Q Review, Lowering Estimates

Nomura Securities maintains a 'Neutral' on Sprint (NYSE: S) price target of $2.50.

Nomura analyst, Mike McCormack, said, "Sprint’s 3Q results were broadly ahead of our estimates. However, despite the positive quarterly data points, we are again lowering our outlook for 2012 estimates. Put simply, the degree of expected spending outlined by the company for both the Network Vision program and the iPhone were well beyond our expectations. Our 2011E EPS goes from ($1.01) to ($0.94), while 2012E goes from ($1.01) to ($1.11). We remain Neutral rated on S shares with a $2.50 price target. However, given the reality of Sprint’s debt and estimate profile, and choice of metrics, the valuation range for S shares could range from $0.50 to $4.20 per share. We would expect that only the most risk-seeking investors will entertain incremental investment in S shares."

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

Shares of Sprint closed at $2.51 yesterday.

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