Boston, MA 10/17/2013 (wallstreetpr) – Sprint Corp. (NYSE:S) has received a positive upgradation as the Macquarie has assigned an ‘outperform’ rating to the stock. This is an upward revision to its earlier rating of ‘neutral’. The analysts at Macquarie have set a price target of $7.50 on the from their earlier target of $7.00. The current set target indicates a 19.05% rise in the company’s share prices.
According to the analysts, the recent stock prices have already factored in the company’s weak quarterly performance and thus,the prices are attractive for long investors to take positions on. The analysts also expect optimistic news flow over the next quarters as wellas improved sub trends. As the market have acquired a clearer view of the details as to time and costs relating to Network Vision program undertaken by Sprint, therefore, the risk attached to the stock has been lowered,particularly after the SoftBank deal.
The company has so far not been very lucky as far as the ratings from other analysts are concerned. Zacks has maintained ‘neutral rating on the stock. Credit Suisse and Evercore Partners have assigned ‘underperform’ and an ‘equal weight’ rating to the stock respectively. As per the market consensus, the stock has an average rating of ‘Hold’ with a price target of $6.99.
Sprint had last released its earnings on July 30th, wherein, it had reported the earnings per share of $0.53,below analysts estimate by a wide margin of $0.25.On Wednesday, the shares closed after recording a 4.48% gain and closed at $6.30. During the same quarter, the company had reported revenue of $8.88 billion as against the market consensus of $8.73 billion.
Sprint, which serves over 64.3 million customers, is the third largest wireless service provider in the United States. During July’2013, the company which is also a major global internet carrier has been merged withSoftBank .
