Financial ratings wrap-up: Leap, AT&T, Novatel 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
–Lehman Brothers dropped its estimates on Leap Wireless based on predictions of continued elevated spending levels as the carrier invests in new markets, broadband and network enhancements. New estimates are a loss of $1.61 rather than a loss of 79 cents for 2008 and a loss of $1.28 rather than a return of 34 cents for 2009.
–Lehman Brothers adjusted its estimates on MetroPCS based on ARPU pressure that is being offset by cost management. New estimates are 45 cents rather than 42 cents for 2008 and 52 cents rather than 60 cents for 2009.
–Credit Suisse First Boston lowered its price target on AT&T to $36 from $39 on a higher cost of capital. The firm also raised its subscriber estimates for the carrier on iPhone popularity, but as a result it also lowered its 2008 EPS estimate to $2.97 from $2.98 and raised its 2009 EPS estimate to $3.33 from $3.32.
Other
–R.W. Baird downgraded OmniVision Technologies to neutral and cut its price target on the company to $14 from $22. The firm noted its Asia checks indicate near-entire share loss at a key tier-one OEM along with further slowdown in the Chinese mobile-phone market. R.W. Baird lowered its 2008 EPS estimates on the company to $1.44 from $1.52 and its 2009 EPS estimates to $1.58 from $1.80.
–JP Morgan downgraded Comverse to neutral after the company said its financial restatement will again be delayed. R.W. Baird downgraded its rating on the company to neutral from outperform, citing deteriorating business conditions and the likelihood of further accounting restatement delays.
–Avondale Partners downgraded Novatel Wireless to market underperform on concerns surrounding the company’s accounting review. In addition, Avondale cut its estimates on the company to 71 cents on revenues of $384 million from 84 cents on revenues of $401 million for 2008. Its 2009 estimates drop to 87 cents on revenues of $434 million from 93 cents on revenues of $442 million for 2009.