Financial ratings wrap-up: Alcatel-Lucent, Motorola, American Tower and more

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
–R.W. Baird lowered its estimates on Alcatel-Lucent after the company reported in-line results and maintained guidance. The lowered EPS estimates reflect expected continued CDMA challenges, possible delays of revenues from China and a potentially unfavorable geographic mix shift. New estimates are 39 cents, down from 54 cents, for 2008 and 65 cents, down from 74 cents, for 2009. Standard & Poor’s Ratings Services revised its outlook on Alcatel-Lucent to negative from stable
–Oppenheimer cut its estimates on Alvarion despite the company’s solid second-quarter performance. The cuts are related to gross margin trends and higher operating expenses. New estimates are 16 cents, down from 21 cents, for 2008 and 39 cents, down from 53 cents, for 2009.
–Oppenheimer upgraded Motorola to perform from underperform, saying it sees limited downside on the company going forward. The move comes after the company reported financial results that Oppenheimer said were better than expected. Goldman Sachs raised its estimates on the company to a return of 8 cents rather than a loss of 7 cents for 2008 and 52 cents from 41 cents for 2009. The firm noted it believes Motorola is close to turning the corner but that significant execution risk remains. Lehman Brothers raised its estimates on the company to a return of 6 cents rather than a loss of 3 cents for 2008.
–R.W. Baird lowered its price target on Nortel Networks to $7 and lowered its EPS estimates on the company despite better-than-expected second-quarter results. New estimates are 29 cents rather than 40 cents for 2008 and 70 cents rather than 75 cents for 2009. Credit Suisse First Boston revised its estimates on Nortel to 31 cents on revenues of $11.21 billion from 43 cents on $11.07 billion for 2008 and to 72 cents on revenues of $11.38 billion from 68 cents on revenues of $11.20 billion for 2009.
Other
–R.W. Baird adjusted its estimates on Powerwave after the company reported financial results ahead of expectations. New estimates are 15 cents rather than 14 cents for 2008 and 28 cents rather than 30 cents for 2009. Lehman Brothers raised its 2008 EPS estimate on the company to 15 cents from 12 cents.
–Morgan Stanley adjusted its estimates on American Tower to reflect higher than expected rental and management expenses. The company lowered its EBITDA estimates on the American Tower to $1.097 billion from $1.098 billion. RBC Capital Markets increased its price target on American Tower to $51 from $50 and raised its EBITDA estimates to $1.09 billion from $1.08 billion for 2008. Credit Suisse First Boston increased its EBITDA estimates on the company to $1.095 billion from $1.087 billion for this year. Lehman Brothers slightly raised its EPS estimate on American Tower to 48 cents from 47 cents for 2008.
–Morgan Stanley increased its EBITDA estimates on SBA Communications to $269 million from $264 million to reflect acquisition activity and better-than-expected site leasing margins. Lehman Brothers raised its EPS estimates on SBA to a loss of 48 cents rather than a loss of 51 cents for 2008 and to a loss of 5 cents rather than a loss of 31 cents for 2009.
–Avondale partners raised its estimates on Syniverse Technologies after the company beat second-quarter expectations. New estimates are $1.58 instead of $1.50 for 2008 and $1.53 instead of $1.45 for 2009. Lehman Brothers raised its estimates on the company to $1.57 from $1.45 for 2008 and to $1.61 from $1.44 for 2009.