Financial ratings wrap-up: Sprint Nextel, TDS, 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
–Lehman Brothers lowered its EPS estimates on Sprint Nextel to break even from 42 cents for 2008 and to 18 cents from 37 cents for 2009 on expectations of continued pressure this year. R.W. Baird adjusted its estimates on Sprint Nextel to a loss of 6 cents rather than a loss of 18 cents for 2008 and a loss of 7 cents rather than a loss of 22 cents for 2009.
–RBC Capital Markets raised its price target on Leap Wireless to $60 from $55 on solid first-quarter results. R.W. Baird adjusted its EPS estimates on Leap to a loss of $1.50 rather than a loss of 26 cents for 2008 and a loss of $1.21 rather than a loss of 62 cents for 2009 based mainly on a much higher book tax obligation than previously expected.
–Lehman Brothers raised its price target on Telephone & Data Systems to $47 from $43 after the company reported in-line first-quarter results. It also raised its EPS estimate on subsidiary U.S. Cellular to $3.56 from $2.66. R.W. Baird lowered its EPS estimates on TDS to $2.38 from $2.52 for 2008 and to $2.63 from $2.70 for 2009. Baird also lowered its EPS estimates on U.S. Cellular to $3.07 from $3.39 for 2008 and to $3.44 from $3.79 for 2009.
–McAdams Wright Regan lowered its price target on Clearwire to $20 from $22 to reflect the in-line value of the company’s share valuation according to its recent agreement with Sprint Nextel to combine 2.5 GHz operations.
–Lehman Brothers lowered its price target on Qwest to $8 from $11 due to competition and other conditions facing its non-wireless business segments. It also cut estimates on the company to 44 cents from 45 cents for 2008.
–R.W. Baird adjusted its estimates on MetroPCS after the carrier reported solid first-quarter results and reiterated its previous 2008 guidance. The firm raised its EPS estimate on MetroPCS to 40 cents from 35 cents for 2008 but lowered its 2009 EPS estimate to 45 cents from 46 cents.
Handset and infrastructure vendors
–Oppenheimer raised its price target on Research In Motion to $160 from $150 and increased its estimates on the company following an upbeat analyst day presentation.
–RBC Capital Markets upgraded Ericsson to outperform from sector perform, noting the wireless infrastructure market is showing “firming trends.” The firm also increased its price target on Ericsson to $32 from $24.
Other
–RBC Capital Markets upgraded RadioShack to sector perform from underperform, saying the company still is profitable and generating cash flow despite market pressures.
–Credit Suisse First Boston downgraded NeuStar to neutral from outperform and lowered its price target on the company to $27 from $35 on in-line first-quarter results. R.W. Baird raised its EPS estimates on the company to $1.54 from $1.50 for 2008 and to $1.70 from $1.68 for 2009.
–RBC Capital Markets raised its rating on F5 Networks to outperform from sector perform and bumped its price target to $32 from $45. The firm noted new product launches on the horizon that could propel the company to better growth. New EPS estimates for the company are $1.42 rather than $1.41 for 2008 and $1.72 rather than $1.68 for 2009.
–Lehman Brothers raised its price target on RF Micro Devices to $4 from $3.75 and raised its estimates to 21 cents from 20 cents for 2008 and to 24 cents from 17 cents for 2009. The firm noted the company’s decision to jettison its money-losing Polaris unit as overshadowing slightly disappointing first-quarter results.
–R.W. Baird raised its ratings on Syniverse following strong first-quarter results and improved guidance. New EPS estimates are $1.33, up from $1.15, for 2008 and to $1.44, up from $1.30, for 2009. Lehman Brothers raised its price target on Syniverse to $24 from $22 and bumped its EPS estimates to $1.45 from $1.26 for 2008 and to $1.60 from $1.42 for 2009. Avondale Partners raised its 2008 estimate on the company to $1.46 on revenues of $460.5 million from $1.28 on $432.5 million. It also raised 2009 estimates to $1.62 on $507.6 million from $1.46 on $484.7 million.
–Oppenheimer lowered its estimates on Brightpoint after the company delivered weak first-quarter results. The firm noted, however, that the outlook on Brightpoint remains solid. New estimates are EPS of 82 cents, down from 89 cents, for 2008 and 96 cents, down from $1.03, for 2009.