UPDATE: Jefferies Raises PT on Sprint Nextel Corp from $2 to $3
Jefferies reiterated an Underperform rating on Sprint Nextel Corp (NYSE: S) and increased its price target from $2 to $3.
Jefferies wrote, “To paraphrase Shakespeare, after yesterday's 20% increase in Sprint's share price (and 73% increase YTD) the dilemma regarding S shares is as follows: "To chase, or not to chase, that is the question." We were wrong on Sprint in 2Q12, but as we enter the second half of 2012 we believe William might say, "Beware the IDEs-Phone."”
Sprint closed at $4.05 on Thursday.
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