Financial ratings wrap-up: AT&T, Nokia, Qualcomm 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 lowered its price target on AT&T to $46 from $47 and adjusted its estimates on the carrier to account for 3G iPhone dilution. The firm’s EPS estimates on AT&T drop to $3.03 from $3.13 for 2008 and $3.43 down from $3.53 for 2009.
Handset and infrastructure vendors
–Lehman Brothers raised its price target on Palm to $5 from $4 on expectations of improving sales during the second half on new products. The firm, however, lowered its estimates on the company from a loss of 18 cents on $304 million in revenues to a loss of 19 cents on $295 million on fading Treo sales and a mediocre Centro launch. Fiscal Year 2009 estimates drop to a loss of 34 cents from a loss of 29 cents.
–Oppenheimer lowered its estimates on Nokia to reflect the changing competitive environment, saying it expects RIM and Apple to impact Nokia’s business in Europe and Chinese vendors to pressure it in low-end markets. New estimates are EPS of $2.37 rather than $2.56 for 2008 and $2.70 from $2.91 for 2009. Oppenheimer also reduced its price target on Nokia to $34. Standard & Poor’s revised its outlook on Nokia to positive from stable, reflecting the company’s conservative financial policy and strong operating performance. S&P affirmed its A long-term and A-1 short-term corporate credit ratings on the company.
Other
–Lehman Brothers increased its estimates on Qualcomm after the company raised its guidance. New estimates are $2.15 rather than $2.12 for 2008 and $2.38 rather than $2.34 for 2009.
–Oppenheimer raised its estimates and price target on Skyworks on strong demand during the June quarter and growing design activity in both the wireless and linear businesses. The company’s new price target is $13, up from $11.