Gabelli Maintains Buy on Sprint Nextel

Gabelli is out with its report today on Sprint Nextel

, maintaining Buy. In its report, Gabelli writes, "BUY. While the iPhone will likely be dilutive to Sprint's EBITDA in the first few years, it is an important iconic handset that should help improve gross and net customer addition, reduce churn, and increase postpaid ARPU over time. We expect Sprint to continue slowly turning around its operations. Valuation remains attractive at 3.8x 2012P EBITDA." At the time of posting, shares of S were trading pre-market at $2.30, down 4.56% from Friday's close.