Macquarie Loses Connection with Sprint, Downgrades to Neutral

Macquarie Equities Research analyst Kevin Smithen downgraded

from Outperform to Neutral. Smithen commented, "We are downgrading shares of Sprint to Neutral as the stock has climbed over 8% above our $7.75 TP. Given the limited float and high short interest, we would caution against shorting the shares, but believe long-term holders should take some money off the table at current levels" The analyst noted that investors could expect a 20% pullback in Sprint shares in upcoming months if the 2.5GHz deployment is delayed or high churn persists. Sprint closed at $8.39 on Friday.