Wells Fargo Downgrades Clearwire (CLWR) to Market Perform on Pending Takeover

Wells Fargo downgraded Clearwire (NASDAQ: CLWR) from Outperform to Market Perform with a valuation target of $2.97 amid the pending takeover by Sprint.

The firm comments, "We are downgrading our rating on CLWR shares to Market Perform from Outperform. Given Sprint's announcement on December 17, 2012 to acquire the remaining outstanding shares of CLWR for $2.97 per share, we are adjusting our valuation appropriately to $2.97 from $3.50-4.00. Risks to the valuation include regulatory uncertainty and CLWR shareholders not approving the deal. CLWR shares are trading at $2.90 intra-day January 7, 2013."

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

Shares of Clearwire closed at $2.88 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Wells Fargo Downgrades Roku Inc. (ROKU) to Equal Weight
• DA Davidson Downgrades Blaize Inc. (BZAI) to Neutral
• Barclays Downgrades Murphy Oil Corp. (MUR) to Underweight