Collins Stewart Maintains Neutral Rating and $3 PT on Sprint Nextel

A report from Collins Stewart reiterates its Neutral rating and $3 price target on Sprint Nextel (NYSE: S).

The report states, “With the December 1st deadline, Sprint yesterday again continued to reverse course following the October 7th analyst day by announcing that it would provide funding to Clearwire (Not rated), contingent upon an outside equity raise. In addition, Cleariwre announced that it would make its $237mm interest payment, effectively removing the risk of what could have been an imminent bankruptcy filing.”

S closed yesterday at $2.70.