NextWave Wireless (WAVE) Soars On Plans to Sell US Wireless Spectrum
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Shares of NextWave Wireless (Nasdaq: WAVE) are 28% higher today after the company announced that it has retained Deutsche Bank and UBS Investment Bank to explore the sale of its extensive wireless spectrum holdings in the US.
The company said, "Since the completion of the recent 700 MHz auction, we have received multiple offers for our U.S. spectrum assets."
In response to the announcement, Canaccord Adams raised its price target on NextWave Wireless (Nasdaq: WAVE) from $9 to $10, reiterating their Speculative Buy rating. The firm said, comments from NextWave that they have received multiple offers for its US spectrum assets provides them with confidence the company will be able to sell the portfolio and that the spectrum is indeed in great demand. [LJ]
The company said, "Since the completion of the recent 700 MHz auction, we have received multiple offers for our U.S. spectrum assets."
In response to the announcement, Canaccord Adams raised its price target on NextWave Wireless (Nasdaq: WAVE) from $9 to $10, reiterating their Speculative Buy rating. The firm said, comments from NextWave that they have received multiple offers for its US spectrum assets provides them with confidence the company will be able to sell the portfolio and that the spectrum is indeed in great demand. [LJ]
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