UPDATE: Deutsche Bank Raises PT on Sprint Nextel from $3 to $4
Deutsche Bank reiterated a Hold rating on Sprint Nextel (NYSE: S) and raised its price target from $3 to $4.
Deutsche Bank wrote, “We are increasing our price target to $4, primarily due to an improved outlook for EBITDA on impressive execution through 1H12. But, we maintain Hold as we believe that escalating execution challenges in 2H12 may contain Sprint's ability to exceed expectations. However, we are beginning to consider other potential sources of value such as the carrier's $10B of NOLs, which it could begin utilizing in 2H13 as EBITDA scales and Nextel depreciation does away.”
Sprint Nextel closed at $4.31 on Friday.
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