Sprint Shares Down 3.9% After Analyst Downgrade (S)
Shares of Sprint (NYSE:S) traded down 3.9% during mid-day trading on Tuesday after Jefferies Group lowered their price target on the stock from $7.00 to $4.00, AnalystRatingsNetwork reports. Jefferies Group currently has an underperform rating on the stock. Sprint traded as low as $5.36 and last traded at $5.40, with a volume of 28,548,621 shares changing hands. The stock had previously closed at $5.62.
Several other analysts have also recently commented on the stock. Analysts at Credit Suisse reiterated an “underperform” rating on shares of Sprint in a research note on Tuesday. They now have a $6.00 price target on the stock. Separately, analysts at Citigroup Inc. reiterated a “neutral” rating on shares of Sprint in a research note on Monday, August 4th. They now have a $9.00 price target on the stock, down previously from $9.50. Finally, analysts at Macquarie upgraded shares of Sprint from a “neutral” rating to an “outperform” rating in a research note on Tuesday, June 10th. Five analysts have rated the stock with a sell rating, seven have given a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $7.88.
The stock’s 50-day moving average is $7.4 and its 200-day moving average is $8.37. The company’s market cap is $21.345 billion.
Sprint (NYSE:S) last posted its quarterly earnings results on Wednesday, July 30th. The company reported $0.01 EPS for the quarter, beating the Thomson Reuters consensus estimate of ($0.02) by $0.03. The company had revenue of $8.79 billion for the quarter, compared to the consensus estimate of $8.69 billion. During the same quarter in the prior year, the company posted ($0.53) earnings per share. The company’s quarterly revenue was down 1.0% on a year-over-year basis. On average, analysts predict that Sprint will post $-0.14 earnings per share for the current fiscal year.
Sprint Nextel Corporation (NYSE:S), is a holding company, with its operations primarily conducted by its subsidiaries.
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