UPDATE: Morgan Stanley Lowers Price Target on Sprint Nextel to $2

According to Morgan Stanley, Sprint Nextel

price target is lowered to $2. Morgan Stanley said that it is lowering its EBITDA and subscriber estimates reflecting pressure from the iDEN shut down / Vision expenses. “This coupled with capex for LTE / iPhone subsidy costs creates funding uncertainty. We are lowering our price target from $3 to $2.” Sprint Nextel closed yesterday at $2.22.