Financial ratings wrap-up: Leap, MetroPCS, Verizon 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 raised its price target on Leap Wireless to $49 from $45 after the carrier reported strong second-quarter subscriber growth. R.W. Baird lowered its estimates on Leap, noting the carrier’s mixed financial results. The company ‘s EPS estimate for 2008 drops from a loss of $1.50 to a loss of $2.34 and for 2009 drops to a loss of $2.53 from a loss of $1.21.
–R.W. Baird raised its estimates on Sprint Nextel after the company reported results it said were modestly better than expected. New estimates are a return of 13 cents rather than a loss of 6 cents for 2008 and a return of 12 cents rather than a loss of 7 cents for 2009.
–Standard & Poor’s Ratings Services raised its rating on Rural Cellular Corp.‘s senior secured, unsecured and subordinated notes to A from CCC upon completion of its acquisition by Verizon Wireless. S&P also removed its corporate credit rating of B-.
–Morgan Stanley raised its rating on Qwest to overweight from equal weight and assigned a $4.50 price target to the company.
–RBC Capital Markets raised its price target on MetroPCS to $20 from $17 on inline second-quarter results. R.W. Baird raised its estimates on MetroPCS to 49 cents from 40 cents for 2008 and to 47 cents from 45 cents for 2009.
–RBC Capital Markets raised its price target on NTELOS to $34 from $33 on positive EVDO trends. Lehman Brothers raised its estimates on the service provider to $1.34 from 90 cents for 2008 and to $1.89 from $1.35 for 2009.
–Credit Suisse First Boston raised its estimates on Verizon to reflect second-quarter results and its acquisition of Alltel Wireless. New EPS estimates are $2.62 from $2.56 for 2008 and $2.98 from $2.87 for 2009.
Other
–Credit Suisse First Boston lowered its estimates on SBA Communications after the company reported in-line second-quarter results. New estimate are a loss of 55 cents rather than a loss or 37 cents for 2008 and a loss of 22 cents rather than loss of 3 cents for 2009.
–RBC Capital Markets lowered its price target on InfoSpace to $12 from $14 after the company reported solid second-quarter results. RBC expressed concerns about the company’s ability to increase market share.