UPDATE: Jefferies & Company Upgrades Sprint Nextel to Hold, Raises PT
In a report published Monday, Jefferies & Company upgraded its rating on Sprint Nextel Corporation (NYSE: S) from Underperform to Hold, and raised its price target from $3.00 to $7.00.
Jefferies noted, “It is playoff season in baseball, and in a move best described as from out of left field, Sprint confirmed on Thursday that it was in discussions with Japan-based Softbank. With consolidation fever in the air, we take our rating on Sprint to Hold from Underperform, our PT goes to $7 from $3.”
Sprint Nextel Corporation closed on Friday at $5.73.
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