Financial ratings wrap-up: Verizon, Motorola, F5 Networks 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
–RBC Capital Markets initiated coverage on Leap Wireless with a sector perform rating and a $55 price target.
–Lehman Brothers lowered its 2008 EPS estimate on Verizon to $2.65 from $2.66 after the carrier reported strong first-quarter results. R.W. Baird lowered its EPS estimates on Verizon to $2.59 from $2.65 for 2008 and to $2.89 from $2.91 for 2009. Deutsche Bank raised its price target on Verizon to $52 from $50.
–Lehman Brothers lowered its 2008 EPS estimate on AT&T to $3.12 from $3.17 after the carrier reported strong first-quarter results. R.W. Baird lowered its estimates on the company to $3.10 from $3.18 for 2008 and to $3.34 from $3.40 for 2009 due to 700 MHz spectrum expenses and slightly higher tax rates. Credit Suisse First Boston increased its 2008 EPS estimates on AT&T to $3.08 from $3.03 and its 2009 EPS estimates to $3.45 from $3.44. Morgan Stanley trimmed its 2008 EPS estimate on AT&T to $3.48.
Handset and infrastructure vendors
–Lehman Brothers raised its price target on Ericsson to $19 from $18 and bumped its estimates on the company after it reported healthy first-quarter results. New EPS estimates are $1.53 from $1.38 for 2008 and $1.64 from $1.60 for 2009.
–Lehman Brothers lowered its price target on Motorola to $11 from $12 and adjusted its EPS estimates to breakeven from a loss of 15 cents for 2008 and to 42 cents rather than 50 cents for 2009. The firm noted Motorola is showing signs of stability but no improvements yet.
–RBC Capital Markets raised its price target on Apple to $200 from $190 after the company beat estimates for the second quarter. The firm also raised its EPS estimates on the company to $5.37 from $5.26 for 2008 and to $6.23 from $6.21 for 2009.
Other
–R.W. Baird raised its price target on PCTel to $10 and increased its 2008 EPS estimate to 44 cents from 38 cents on solid quarterly results and strong guidance. Its 2009 EPS estimate, however, drops to 46 cents from 47 cents.
–RBC Capital Markets raised its price target on Crown Castle to $47 from $46 after the company reported solid first-quarter results. Credit Suisse First Boston raised its price target on Crown to $39 from $37 but lowered its 2009 EPS estimates to 4 cents on a slightly higher depreciation forecast. 2008 EPS estimates remain the same.
–RBC Capital Markets lowered its estimates on SiRF Technology on weak guidance. The company’s new EPS estimates are a loss of 8 cents rather than profit of 14 cents for 2008 and a loss of 1 cent rather than a gain of 25 cents for 2009.
–RBC Capital Markets lowered its estimates on RadioShack on continuing sales challenges and margin pressure. New estimates for 2008 are 33 cents, down from 36 cents. Lehman Brothers downgraded RadioShack to under weight from neutral.
–R.W. Baird adjusted its estimates on Openwave Systems after the company reported quarter results. New estimates are a loss of 17 cents rather than a loss of 18 cents for 2008 and a profit of 5 cents per share rather than profit of 11 cents for 2009.
–R.W. Baird raised its estimates on F5 Networks after the company reported better-than-expected results and optimistic guidance. New EPS estimates are 84 cents rather than 73 cents for 2008 and $1.03 rather than 88 cents for 2009. McAdams Wright Ragen lowered its estimates on the company to $1.38 on revenues of $642.2 million for 2008 and to $1.62 on $740.9 million for 2009.
–Lehman Brothers raised its price target on Broadcom Corp. to $28 from $25 and increased its EPS estimates to $1.42 from $1.19 for the current year and $1.40 from $1.38 for next year after the company beat first-quarter expectations.
–Lehman Brothers lowered its price target on Tellabs to $6.50 from $7.25 and cut its EPS estimates to 15 cents from 31 cents for the current year and to 28 cents from 42 cents for next year. The company reported solid first-quarter results but disappointing guidance. R.W. Baird lowered its estimates on the company to 9 cents from 17 cents for 2008 and to 10 cents from 25 cents for 2009.
–Lehman Brothers raised its EPS estimates on Skyworks Solutions to 69 cents from 66 cents for 2008 and to 75 cents from 69 cents for 2009 on “steady execution.”