UPDATE: BMO Capital Markets Reiterates on Sprint Following Adjusted EBITDA/Revenue Report
In a report published Thursday, BMO Capital Markets analyst Kevin Manning reiterated an Outperform rating on Sprint (NYSE: S), and raised the price target from $7.00 to $8.00.
In the report, BMO Capital Markets noted, “Sprint reported adjusted EBITDA/Revenue of $1.34/$8.68B, mixed with consensus of $1.25/$8.8B. Postpaid Sprint net sub loss of 360K was below consensus of 315K, and postpaid churn of 2.09% was below consensus of 1.99%. We estimate 3Q13 EPS was -$0.29, below consensus of -$0.20. FCF of -$1.2B beat consensus of -$1.7B. Sprint maintained its prior 2013 EBITDA guidance of $5.1-$5.3B and expects elevated churn to remain until 2H13.”
Sprint closed on Wednesday at $6.93.
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