UPDATE: Jefferies Decreases Clearwire Corp. PT, Downgrades Rating

According to a research report this morning, Jefferies downgrades Clearwire Corp.

rating from Buy to Hold while decreasing the PT from $4 to $2. Jefferies commented, “In our view, while the asset value of CLWR's spectrum remains the same, near-term bandwidth availability from VZ, and potentially DISH, could delay CLWR's spectrum sale. We believe CLWR funding gap of $2.5 billion could become a challenge as early as 2Q13 in the absence of an asset sale.” Clearwire Corp. closed yesterday at $1.55.