Financial ratings wrap-up: Ericsson, TI, American Tower and more
October 22 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.
Handset and infrastructure vendors
--Barclays Capital adjusted its estimates on Ericsson after the company reported strong third-quarter results but flat guidance for 2009. New estimates are 79 cents for 2008, up from 68 cents, and 77 cents down from 79 cents for 2009.
--Oppenheimer cut its price target on Nokia to $22 from $26 after the company delivered in-line results for the third quarter.
Other
--JP Morgan lowered its estimates on Texas Instruments after the company reported disappointing quarterly results. The company now predicts EPS of $1.62 on revenues of $13 billion for 2008 from EPS of $1.73 on $13.4 billion. 2009 estimates drop to $1.25 on $11.6 billion in revenues from $1.83 on $14 billion. R.W. Baird lowered its price target on TI to $17 from $26 and cut its EPS estimates to $1.76 from $1.87 for 2008 and to $1.40 from $1.83 for 2009.
--JP Morgan trimmed its estimates on Novatel Wireless and Sierra Wireless on concerns about on slowing enterprise and consumer wireless spending.
--Barclays Capital lowered its price target on American Tower to $46 from $49, saying there is risk to the company’s 2009 revenue outlook due to weakness in Latin and South American currencies.








