Financial ratings wrap-up: AT&T, Ericsson, Sierra Wireless and more

The following list includes ratings changes and financial information for wireless companies announced this week by investment-banking and financial-services firms.
Carrier
–Standard & Poor’s Ratings Services assigned its A rating to AT&T Inc.‘s $750 million of global notes due 2013, $750 million of global notes due 2038 and $2.5 billion of global notes due 2018. The outlook is stable. The ratings reflect the carrier’s strong position in the wireless industry, healthy performance of its wireline business and modest financial growth, said S&P.
Handset and infrastructure vendors
–RBC Capital Markets increased its price target on Motorola Inc. to $13 from $12 on news the company may separate its devices business.
–RBC Capital Markets lowered its price target on Ericsson to $26 from $28 after the company reported revenues in line with reduced guidance. RBC noted Ericsson’s outlook remains challenging and that the company is expecting a relatively flat year in terms of the wireless infrastructure market. Lehman Brothers lowered its price target on Ericsson to $24 from $25 and lowered its estimates to $1.98 from $2.03 for this year and $1.67 from $1.77 for next year.
Other
–Oppenheimer lowered its price target on RF Micro Devices to $7 from $8 after the company reported disappointing fiscal third-quarter 2008 results.
–RBC Capital Markets lowered its price target on Sierra Wireless to $25 from $30, based on a peer multiple reevaluation. However, the firm noted Sierra is expected to report strong fourth-quarter financials and stronger-than-expected first-quarter guidance.