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Weekly wireless ratings wrap-up

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

  • Robert W. Baird upgraded Nortel Networks to outperform from neutral and raised its price target to $34 from $27, saying the company’s turnaround is on track for this year.
  • CIBC World Markets adjusted its estimates on Motorola Inc., saying it believes the company’s handset demand is decelerating and that it is taking the first steps in reorganizing its handset business. The firm now expects Motorola to report sales of $46.8 billion and EPS of $1.16 for 2007, down from $47.5 billion and $1.21. 2008 estimates drop to $50.2 billion and $1.47 from $51.3 billion and $1.54.
  • Prudential Equity Group slightly raised L.M. Ericsson‘s EPS estimate for 2007 after the company reported in-line revenues and higher EPS for the fourth quarter. Its new EPS estimate on the company for 2007 is $2.63 from $2.61.
  • CIBC World Markets raised its price target on Alvarion from $8 to $9, saying this year could be the year the company positions itself as a major WiMAX player long term. First Albany Capital raised its 2007 revenue estimate on Alvarion to $215 million from $213 million but dropped its EPS estimate on the company to 12 cents from 15 cents.
  • CIBC World Markets adjusted its estimates on Brightpoint after the company reported solid fourth-quarter results. The firm adjusted its 2007 revenue and EPS estimates to $2.7 billion and 82 cents from $2.75 billion and 82 cents. It also adjusted its 2008 estimates to $3.03 billion and 97 cents from $3.07 billion and $1.
  • CIBC World Markets adjusted its estimates on Novatel Wireless Inc. after the company released strong preliminary results for the fourth quarter. The company now expects Novatel to report EPS of 17 cents on revenues of $217.5 million rather than 10 cents on $204.7 million for 2006 and 62 cents on $344.7 million rather than 48 cents on $250 million for 2008. Avondale Partners increased its fourth-quarter sales estimate from $63.3 million to $76 million and its EPS estimate to 13 cents from 10 cents. It also increased its 2007 sales estimate from $260.9 million to $340 million and its EPS estimate from 50 cents to 59 cents.
  • First Albany Capital lowered its estimates on Andrew Corp. following a quarter in which the company reported lighter-than-expected revenue and earnings. New estimates for 2007 are EPS of 50 cents on revenues of $2.28 billion, down from 57 cents on $2.35 billion. Robert. W. Baird lowered its estimates on the company to 54 cents from 60 cents for 2007 and to 71 cents from 77 cents for 2008. Lehman Brothers lowered its EPS estimate on Andrew to 47 cents from 51 cents for 2007.
  • Robert W. Baird raised its 2007 EPS estimate on InfoSpace Inc. to a loss of 19 cents rather than a loss of 24 cents for 2007, but lowered its revenue forecast to $257.4 million from $286.6 million.


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