UPDATE: BTIG Downgrades Clearwire (CLWR) to Neutral
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Price: $4.99 --0%
Rating Summary:
2 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
Rating Summary:
2 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 17
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(Updated - June 20, 2013 3:50 PM EDT)
BTIG downgraded Clearwire (NASDAQ: CLWR) from Buy to Neutral. The downgrade follows news Sprint raised its Clearwire bid to $5 per share, topping Dish's (Nasdaq: DISH) offer. BTIG thinks shareholders will approve Sprint's offer.
"We believe Clearwire shareholders will approve the $5 offer from Sprint regardless of any new overtures from Dish. Ergen could turn his attentions to Sprint ahead of that shareholder vote next week but it will be challenging given the need to convince a more diverse Sprint investor base as we wrote yesterday. We have argued for 6 months that the minority shareholders of Clearwire were likely to hold out for $5 or more and despite Sprint's "Best and Final" offer of $3.40, they increased their bid an incremental 47% to the $5 clearing price. If SoftBank can gain Sprint shareholder approval next week and gain FCC approval it will launch a formidable new competitor into the US Wireless industry and jump start the development of a 2.5/2.6 GHz ecosystem and TDD-LTE," said BTIG.
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 $4.70 yesterday.
BTIG downgraded Clearwire (NASDAQ: CLWR) from Buy to Neutral. The downgrade follows news Sprint raised its Clearwire bid to $5 per share, topping Dish's (Nasdaq: DISH) offer. BTIG thinks shareholders will approve Sprint's offer.
"We believe Clearwire shareholders will approve the $5 offer from Sprint regardless of any new overtures from Dish. Ergen could turn his attentions to Sprint ahead of that shareholder vote next week but it will be challenging given the need to convince a more diverse Sprint investor base as we wrote yesterday. We have argued for 6 months that the minority shareholders of Clearwire were likely to hold out for $5 or more and despite Sprint's "Best and Final" offer of $3.40, they increased their bid an incremental 47% to the $5 clearing price. If SoftBank can gain Sprint shareholder approval next week and gain FCC approval it will launch a formidable new competitor into the US Wireless industry and jump start the development of a 2.5/2.6 GHz ecosystem and TDD-LTE," said BTIG.
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 $4.70 yesterday.
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