UPDATE: Guggenheim Cuts Clearwire to Neutral; Sees Most Likely Sprint Offer in $3-3.50 Range
Guggenheim downgraded shares of Clearwire (NASDAQ: CLWR) from Buy to Neutral Friday morning.
The firm said Clearwire's closing price on Thursday ($3.16) suggests investors expect Sprint (NYSE: S) to raise the buyout offer from the proposed $2.90 per share to an “uncertain” but materially higher price.
Guggenheim feels the most likely outcome is Sprint will increase the offer to perhaps $3.00 to $3.50.
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