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Sprint Upgraded to Buy: Goldman likes it...

Mon May 24, 2010 - 4:05 PM EDT - By Annie Latham

According to an AP story, Goldman Sachs has raised its rating on Sprint Nextel to Buy from Neutral.

Goldman analyst Jason Armstrong said upgrading Sprint was a "tactical call." Sprint saw a big drop-off in new contract customers and upgrades in 2008, which means that there are fewer subscribers than before reaching the end of their two-year contracts this year, he wrote.

Armstrong put a $6 price target on the shares, up from $3.50.

Michael Rollins at Citigroup also had positive comments on Sprint on Monday, saying he believes Sprint can post gains in contract subscribers, excluding Nextel users, as early as this quarter. He kept a "Buy" rating on the shares.


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