UPDATE: Credit Suisse Initiates Coverage on Sprint Corporation with Underperform Rating, $5.50 PT on Full Valuation, Downside Risk

In a report published Wednesday, Credit Suisse analyst Joseph Mastrogiovanni initiated coverage on

with an Underperform rating and $5.50 price target. In the report, Credit Suisse noted, “While Sprint should achieve significant EBITDA growth over the next two years, we believe this is already reflected in valuation. Initiatives in 2014 to improve subscriber trends could put pressure on margins, resulting in multiple contraction.” Sprint Corporation closed on Tuesday at $6.39.