Piper Jaffray reiterated its Overweight rating on Sprint Nextel S and increased its price target from $6 to $6.50.
Piper Jaffray commented, "This morning, Sprint and Softbank confirmed last week's speculation that Softbank was about to make a major investment in Sprint. The companies have now entered into an agreement under which Softbank will invest $20.1 billion into Sprint. The deal will provide Sprint with substantial capital that will enable the company to continue investing in its network and possibly participate in industry consolidation and/or spectrum sales. We believe this is a good move for the company and mildly positive for the stock."
Sprint Nextel closed at $5.73 on Friday.
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