UPDATE: Jefferies Downgrades Clearwire; Lowers PT

According to a research report published this morning, Jefferies has downgraded Clearwire

from Buy to Hold, and has lowered PT from $4 to $2. In the report, Jefferies explained, "In our view, while the asset value of CLWR's spectrum remains the same, near-term bandwidth availability from VZ, and potentially DISH, could delay CLWR's spectrum sale. We believe CLWR funding gap of $2.5 billion could become a challenge as early as 2Q13 in the absence of an asset sale." Clearwire is currently trading at $1.39.