UPDATE: Oppenheimer Downgrades Sprint Corporation to Underperform as Price War Hits Margins - SentinelOne (NYSE:S)

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In a report published Thursday, Oppenheimer analyst Timothy Horan downgraded the rating on

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Sprint Corporation

(NYSE: S) from Perform to Underperform.In the report, Oppenheimer noted, “We believe Sprint will be the most negatively impacted by competitive responses, and we think the stock is overvalued after factoring in $8B in expenditures for the broadcast spectrum auctions. Sprint is now trading at 8.8x our 2016E EBITDA estimate, which is nearly a 2x premium to the carriers, and not justified given negative FCF. We believe additional share issuances are on the horizon and will cause further equity dilution.”Sprint Corporation closed on Wednesday at $4.39.