Market Overview

UPDATE: JP Morgan Upgrades Sprint on Long-Term Strategy

UPDATE: JP Morgan Upgrades Sprint on Long-Term Strategy
Related S
The 9 Worst M&A Deals In History
Sprint First To Offer Roaming In Cuba
Wells Fargo: AT&T likely to spend most, Verizon least, in spring airwaves auction (Seeking Alpha)

In a report published by JP Morgan, analyst Philip Cusick upgraded Sprint Nextel (NYSE: S) from Neutral to Overweight and raised the price target from $6.00 to $8.00.

In the report, JP Morgan wrote, "We have recently been cautious on Sprint due to the operational challenges facing the company regarding continued subscriber headwinds as well as high opex and capex spend. However, the proposed acquisitions by DISH and Softbank (covered by J.P. Morgan analyst Hitoshi Hosoya) outweigh near-term concerns and likely put a floor under shares in the $7 range. Medium-term, we see substantial EBITDA tailwinds for Sprint as Network Vision spending tails off and cost savings are realized, which could be magnified by a combination with Dish. Finally, we could see an upsized bid from Softbank as well as a response from DISH."

Shares of Sprint Nextel closed Monday at $7.06 and are currently up 0.99 percent pre-market.

Latest Ratings for S

Nov 2015BarclaysMaintainsEqual-weight
Nov 2015HSBCDowngradesBuyHold
Oct 2015DA DavidsonInitiates Coverage onNeutral

View More Analyst Ratings for S
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Upgrades Analyst Ratings Best of Benzinga


Related Articles (S)

View Comments and Join the Discussion!

Get Benzinga's Newsletters