Wells Fargo Upgrades NTELOS Holdings (NTLS) to Outperform; Unique/Compelling Small Cap Idea

Wells Fargo upgraded NTELOS Holdings (NASDAQ: NTLS) from Market Perform to Outperform, price target range raised from $23-25 to $26-28.

Analyst, Jennifer M. Fritzche, said, "In our view, NTLS represents a unique and compelling small cap idea. Our upgrade rationale is based on three factors: 1) significant ARPU growth potential, 2) high margin wholesale revenue should remain robust, and 3) an attractive dividend yield (unique in wireless world). While we are raising our revenue outlook for both 2012 and 2013, we are lowering our EBITDA and EPS estimates due to the inclusion of the iPhone (which NTLS began selling in April)."

Lowers FY12 EPS estimate from $1.32 to $1.00 and FY13 from $1.57 to $1.26. (We note this downward adjustment is only due to the iPhone impact)

For an analyst ratings summary and ratings history on NTELOS Holdings click here. For more ratings news on NTELOS Holdings click here.

Shares of NTELOS Holdings closed at $20.22 yesterday.

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