RCR Wireless News



  

Financial ratings wrap-up: Verizon, RIM, Nortel and more

April 9 2008 - 6:00 am ET | Kristen Beckman |

The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.

Carrier

--Lehman Brothers lowered its price target on Verizon to $48 from $50 and lowered its current-year EPS estimate on the company to $2.66 from $2.74. The firm cited the impact of financing its 700 MHz auction licenses.

--Lehman Brothers raised its 2008 estimates on MetroPCS to 38 cents from 36 cents to reflect strong first-quarter results.

Handset and infrastructure vendors

--Oppenheimer raised its price target on Research In Motion to $150 from $115 after the company reported strong fourth-quarter results and provided strong first-quarter guidance. The firm said it believes guidance still leaves ample room for upside.

--Credit Suisse First Boston lowered its price target and estimates on Ericsson saying it expects the company to experience a tough first half of the year.

--R.W. Baird lowered its rating on Nortel Networks to neutral due to a combination of a weaker enterprise environment as well as lower CDMA spending expectations.

Other

--Lehman Brothers lowered its rating on Broadcom Corp. to $25 from $30 and lowered its current-year EPS estimate on the company to $1.19 from $1.23 on expectations of flat near-term revenue results.

--Standard & Poor’s Ratings Services raised its corporate credit rating on Amdocs Ltd. to BBB from BBB- to reflect the company’s stronger business profile.



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