Financial ratings wrap-up: AT&T, Verizon, Syniverse 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
–Standard & Poor’s withdrew its corporate credit rating on Total Access Communication, the second-largest cellular provider in Thailand, at the company’s request. Prior to the withdrawal, S&P affirmed its BB+ corporate credit rating on the company with a stable outlook. The move follows DTAC’s repayment of $300 million of debentures.
–Lehman Brothers lowered its price target on AT&T to $45 from $49 on a variety of factors, including economic concerns and limited availability of the original iPhone possibly affecting second-quarter net adds. It also lowered its EPS estimates to $3.02 from $3.03 for 2008.
–Lehman Brothers lowered its price target on Verizon Wireless to $44 from $48 mainly on landline concerns. It said it believes the company will report strong wireless results for the second quarter. It also decreased its EPS estimates on the company to $2.59 from $2.65 for this year and to $2.86 from $2.95 for 2009.
Other
–Oppenheimer reduced its estimates on Ceragon on margin concerns and exchange rates. New estimates are 56 cents rather than 58 cents for 2008 and 70 cents rather than 73 cents for 2009.
–R.W. Baird raised its rating on Syniverse Holdings to outperform from neutral but kept its price target and estimates unchanged. The firm said it believes the impact of the Verizon-Alltel merger are now reflected adequately in the company’s stock price.
–R.W. Baird upgraded Verisign to outperform from neutral following a recent sell-off of the company’s stock. The firm said it does not believe the recent departures of senior management at the company suggest diminished longer-term prospects.
–Lehman Brothers raised its estimates on Sierra Wireless due to ongoing USB strength and an expanding Compass footprint. New estimates are $1.55, up from $1.51, for this year and $1.68, up from $1.66, for next year.