Canaccord Comments On Sprint Nextel Following Preliminary Subscriber Results For Q3/F14
In a research report issued today, Canaccord Genuity analyst Gregory Miller reiterated a Hold rating on Sprint Nextel Corp (NYSE:S) with a $5.00 price target, which implies an upside of 15% from current levels. The report follows the company’s release of the preliminary subscriber results for Q3/F14.
Miller commented: “Results were better than our expectations for prepaid and, most importantly, postpaid, as recent promotions (i.e. “Cut Your Bill in Half”) are driving gross additions and device financing options are proving popular with customers. Postpaid net additions of 30k compare positively to our estimate of a loss of 62k with the upside apparently driven by connected devices.”
However, “While results on the whole are encouraging, we reiterate our HOLD rating as the turnaround is only just beginning and early progress could prove difficult to sustain.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Gregory Miller has a total average return of 5.2% and a 71.1% success rate. Miller has a 5.8% average return when recommending S, and is ranked #958 out of 3451 analysts.