UPDATE: Bank of America Reiterates Underperform Rating, Raises PT on NII Holdings on Nextel Peru Sale

In a report published Friday, Bank of America analyst Mauricio Fernandes reiterated an Underperform rating on NII Holdings NIHD, and slightly raised the price target from $4.00 to $5.00. In the report, Fernandes noted, “NIHD announced the sale of its Peruvian operations to Entel Chile for $400mn. Though this has been widely speculated in press articles, we still see the deal as net-positive to NIHD, given its increasingly limited balance sheet liquidity, and cash needs in Peru, thus we raise our 12-month PO to $5 from $4. However, our Underperform rating remains intact, as we see no evidence of better results or enhanced competitiveness where NIHD has been able to launch 3G services.” NII Holdings closed on Thursday at $4.54.
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