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‘s 6.125% global notes due 2015. The ratings reflect the company’s strong position in the wireless business, healthy performance of its wireline business and a modest financial profile, said S&P.
Handset and infrastructure vendors
–Credit Suisse First Boston initiated coverage on American Tower, Crown Castle and SBA Communications with neutral ratings. “Although we believe that the tower business model is attractive, we also believe that the public tower operators are fairly valued. Valuation multiples have declined from the peak, but given the current economic environment, we are skeptical of the potential for multiple expansion and leave open the potential for additional contraction,” said CSFB in a note. The firm assigned a $41 price target to American Tower, a $37 price target to Crown Castle, and a $32 price target to SBA.
–Lehman Brothers lowered its estimates on Motorola Inc. to a loss of 15 cents per share rather than breakeven for 2008 and to 50 cents from 60 cents for 2009. The firm cited deeper than expected share losses and ASP reductions.
–RBC Capital Markets raised its price target on Research In Motion to $150 from $140 on in-line fourth-quarter expectations and strong first-quarter momentum. The firm also raised its estimates on the company to $4.05 from $3.74 for 2008 and to $5.83 from $5.10 for 2009. Lehman Brothers raised its 2009 EPS estimates on the company to $3.50 from $3.44.
Other
–Broadpoint Capital started coverage on Nuance Communications with a buy rating and a $22 price target.
