Although Q4 results came in line with Walkley's expectations, "management indicated it now anticipates receiving a notice of inquiry (NOI) from the FCC seeking additional information from stakeholders and incumbents in the 900Mhz band under review versus a notice of proposed rulemaking(NPRM)."
In June 2014, pdvWireless purchased spectrum from Sprint Corp S and "continues to expand its total footprint with strategic purchases," said Walkley. In order to do this however, management needed approval from the FCC to re-tune the bands. The analyst believes the approval will take longer than expected and lowered the price target accordingly.
At the time of writing, pdvWirelesss traded at $19.33, up 0.31 percent.
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