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Monday, November 16, 2009
Sprint Stock Leaps On Upgrade; Carrier Pays Loan
By Jeffry Bartash
MarketWatch Pulse
WASHINGTON - Shares of Sprint Nextel Corp. jumped more than 8% in premarket trades Monday after Credit Suisse upgraded the company, saying the nation's No. 3 wireless-phone carrier is making progress with its turnaround effort. Analyst Jonathan Chaplin upgraded Sprint to outperform from neutral and set a $6 price target. In preopen trades, Sprint stock climbed to $3.36 from Friday's closing price of $3.10. In Chaplin's view, Sprint will benefit from sharp cost cuts, stronger sales of prepaid service and better retention of "postpaid" customers who sign up for annual contracts. Sprint has been losing as many as 1 million postpaid customers each quarter over the past few years, a number that Credit Suisse expects to shrink. In related news, Sprint said it paid down $1 billion it owed on a $4.5 billion revolving loan and that it no longer has an outstanding balance.
Copyright © 2009 MarketWatch, Inc.
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