Nomura Securities on U.S. Telecom Services: FCC Nears Ruling on Broadcast Spectrum
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25 Buy, 27 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Nomura Securities on U.S. Telecom Services: FCC Nears Ruling on Broadcast Spectrum
Analyst, Mike McCormack, said, "Press reports indicate the FCC is closer to reclaiming 120MHz of spectrum from TV broadcasters for an auction in 2014, although the exact details are still to be worked out. A key sticking point to be determined is the value of the spectrum that must be returned to the broadcasters. The broadcast spectrum that is potentially being readied for auction in 2014 has propagation characteristics very similar to the 700MHz spectrum sold in Auction 73 in 2008. We expect prices could be lower than that for the broadcast spectrum given increased supply, and potential changes to spectrum ownership limits that are also being discussed. FCC Also Looking at Spectrum Limits, Focus on Spectrum Quality. Carriers want more spectrum, price always an issue. We view AT&T (NYSE: T) and Verizon (NYSE: VZ) as having enough spectrum capacity for 3-5 years. Sprint and T-Mobile are likely to remain very interested in spectrum acquisition."
Analyst, Mike McCormack, said, "Press reports indicate the FCC is closer to reclaiming 120MHz of spectrum from TV broadcasters for an auction in 2014, although the exact details are still to be worked out. A key sticking point to be determined is the value of the spectrum that must be returned to the broadcasters. The broadcast spectrum that is potentially being readied for auction in 2014 has propagation characteristics very similar to the 700MHz spectrum sold in Auction 73 in 2008. We expect prices could be lower than that for the broadcast spectrum given increased supply, and potential changes to spectrum ownership limits that are also being discussed. FCC Also Looking at Spectrum Limits, Focus on Spectrum Quality. Carriers want more spectrum, price always an issue. We view AT&T (NYSE: T) and Verizon (NYSE: VZ) as having enough spectrum capacity for 3-5 years. Sprint and T-Mobile are likely to remain very interested in spectrum acquisition."
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