Financial ratings wrap-up: Clearwire, Palm, Nokia and more
December 3 2008 - 6:00 am ET | Kristen Beckman | RCR Wireless News
The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.
Carrier
--JP Morgan resumed coverage on Clearwire following the close of its deal with Sprint Nextel to combine WiMAX assets. The firm rates Clearwire at neutral.
Handset and infrastructure vendors
--RBC Capital Markets cut its price target on Palm to $2 from $8 after the company warned revenues are expected to fall below analyst estimates. RBC Capital also reduced its estimates on the company to a loss of $1.12 from a loss of 36 cents for 2009 and to a loss of 64 cents rather than profit of 10 cents for 2010.
--Oppenheimer lowered its price target on Nokia to $38 from $40 on near-term challenges. The firm noted Qualcomm is well positioned to emerge a strong competitor after the current downturn, but that it will face severe inventory correction in the next couple of quarters.
Other
--Oppenheimer cut its price target on Skyworks to $8 from $10 after the company pre-announced fourth-quarter weakness in orders from wireless and analog customers.
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