Macquarie Loses Connection, Downgrades Sprint

Macquarie Equities Research analyst Kevin Smithen downgraded Sprint (NYSE: S) from Outperform to Neutral.

Smithen commented, "We are downgrading shares of Sprint to Neutral as the stock has climbed over 8% above our $7.75 TP. Given the limited float and high short interest, we would caution against shorting the shares, but believe long-term holders should take some money off the table at current levels" The analyst noted that investors could expect a 20% pullback in Sprint shares in upcoming months if the 2.5GHz deployment is delayed or high churn persists.

Sprint closed at $8.39 on Friday.