UPDATE: Piper Jaffray Reiterates Overweight, $5 on Sprint Nextel

Piper Jaffray reiterates its Overweight rating and $5 target price on Sprint Nextel

following the company's failed deal to acquire Metro PCS. Piper Jaffray says, "Late Friday, CNBC and the Wall Street Journal reported that Sprint had walked away from a deal to purchase MetroPCS at the last moment. Details are relatively thin, but the articles noted a 30% equity premium to PCS' pre-4Q results price and an ~$8B total deal valuation. With Sprint repairing its balance sheet and network, many moving industry parts, we believe the board felt there could be better options in the future." S closed at $2.47 a share yesterday.