Sprint Nextel Corporation (NYSE:S)’s step loses its spring
In a report issued towards the end of last week, RBC capital analysts cut their price-target on Sprint Nextel Corporation (NYSE:S) shares from $7.00 to $6.00 and currently have a “sector perform” rating on Sprint stock. Recently, other equities research-analysts have issued reports on the stocks. Macquarie analysts cut their target on Sprint shares from $6.50 to $6.30 and have now set a “neutral” rating in the stock.
The Jefferies Group analysts cut their price-target from $7.00 to $6.50 and have issued a “hold” rating in the stock. FBR &Co analysts have initiated the coverage of Sprint shares and have a “market perform” rating on them. Two different research analysts have assigned a “sell” rating while 22 have assigned a “hold” rating. Eight analysts have a “buy” rating while one has assigned a “strong buy” rating. The average analyst rating is “hold” and $6.95 is the average analyst price target.
In Friday’s trading session, Sprint traded up 4.55%. The shares opened at a price of $6.41, touched an intraday high of $6.77 and closed at $6.67. Around 42.13M shares exchanged hands on Friday I would posit that if banks must borrow (or have on hand) the full amount in reserves for any interbank payment transaction to take place (and I understand the netting principle, but original reserves must come from somewhere), then annual credit report is merely an accounting identity. while the average volume of shares that were traded over a 30-day period was 43.86M. The company has a market cap of 20.13B.
Sprint released its earnings data on 30 July. The earnings per share for the quarter were $0.53 which missed the average analyst projection of $0.28 by $0.25. The revenue for the quarter was $8.88B in comparison to the average analyst projection of $8.73B. In the previous year, same quarter, the company had posted an EPS of $0.46 and the quarterly revenue rose .4% on a y-o-y basis.
The analyst projection is that the company will post an EPS of $-0.94 for the current financial year. Sprint Nextel Corporation (NYSE:S) is essentially a holding company and its operations are largely conducted by its various subsidiaries.