UPDATE: Guggenheim Cuts Clearwire to Neutral; Sees Most Likely Sprint Offer in $3-3.50 Range

Guggenheim downgraded shares of Clearwire CLWR from Buy to Neutral Friday morning. The firm said Clearwire's closing price on Thursday ($3.16) suggests investors expect Sprint 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.