Financial ratings wrap-up: AT&T, Motorola, 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
–RBC Capital Markets raised its price target on Verizon Communications to $44 from $41 after the company reported in-line third-quarter financials. Lehman Brothers raised its price target on Verizon to $50 from $46.
–R.W. Baird raised its price target on AT&T to $45 from $44 and slightly raised its 2008 EPS estimate on the company to $3.18 from $3.16 on solid overall third-quarter results. Credit Suisse First Boston increased its price target on the company to $48 from $46 and boosted its 2007 EPS estimate on the company to $2.81 from $2.78.
Handset and infrastructure vendors
–RBC Capital Markets lowered its price target on L.M. Ericsson to $36 from $38 after the company reported third-quarter results that were in line with lowered guidance.
–Goldman Sachs raised its estimates on Motorola Inc. after the company reported better-than-expected, third-quarter results. New estimates are 12 cents on $9.9 billion from 6 cents on $9 billion for the fourth quarter; 70 cents on $39.5 billion from 65 cents on $37 billion for 2008; and $1.11 on $43.5 billion from $1 on $41.3 billion for 2009. Credit Suisse First Boston raised its estimates on the company to 24 cents from 21 cents for 2007 and maintained its 2008 estimates of 93 cents.
–RBC Capital Markets lowered its price target on Palm Inc. to $7 from $16 after the company made a dividend distribution of $9 per share. It also adjusted its estimates on the company to 13 cents from 21 cents for 2008 and to 9 cents from 20 cents for 2009.
Other
–R.W. Baird raised its estimates on Syniverse Holdings Inc. after the company raised its guidance. New estimates are 92 cents from 87 cents for 2007 and $1.02 from 98 cents for 2008.
–RBC Capital Markets lowered its price target on RadioShack Corp. to $22 from $27, saying sales trends remain challenging at the retailer.
–RBC Capital Markets upgraded Sierra Wireless to outperform and increased its price target to $30 from $23 after the company reported third-quarter results that beat expectations and offered strong fourth-quarter guidance. RBC also raised its estimates on the company to $1.15 from $1.02 for 2007 and to $1.52 from $1.19 for 2008. Avondale Partners raised its estimates on Sierra to $1.54 from $1.44 for 2008.
–R.W. Baird increased its estimates on PCTel Inc. after the company reported revenue and EPS results ahead of expectations. New estimates are 32 cents from 29 cents for 2007 and 52 cents from 50 cents for 2008.
–Credit Suisse First Boston increased its estimates on RF Micro Devices on third-quarter results that beat expectations. New estimates are 31 cents on revenues of $1 billion for 2008, from 19 cents on $962.1 million.
–R.W. Baird downgraded headset maker Plantronics to neutral from outperform after the company reported in-line revenue results and EPS upside but lower-than-expected guidance. The firm said it believes the company is fully valued. The firm also bumped the company’s price target to $32 from $31 but lowered its 2008 EPS estimate on the company to $1.33 from $1.47.
–Goldman Sachs reiterated its sell rating and lowered its 12-month price target on Tellabs Inc. to $7.50 from $9.50, saying it believes the company’s highest-margin business is entering secular decline. The firm also decreased its 2007 EPS revenue and EPS estimates to $1.9 billion and 22 cents, its 2008 estimates to $1.85 billion and 20 cents, and its 2009 estimates to $1.81 billion and 23 cents. R.W. Baird lowered its 2007 EPS estimate on Tellabs to 16 cents from 18 cents and its 2008 EPS estimate to 12 cents from 24 cents.