Auriga Sees Nearly 50% Upside In Sprint

Auriga has a Buy rating and a $6 price target on Sprint Nextel Corporation S. In a note sent to investors Auriga writes, "After digging into the details of Sprint's (S, Buy) recent announcement to upgrade its infrastructure (and, thereby, shut down iDEN), we provide some details in this note. Overall, we believe the strategy that Sprint is using to mitigate their protocol risks (3G vs. Wi-Max vs. LTE) is clever and may not be well understood by investors. In addition, we discuss the company's return to the QChat feature, which was less than well received on the first go-around. We believe some of the lower level details presented in this note will be of interest to long and medium term Sprint investors. We reiterate our Buy rating and $6 price target." Shares of S lost 9 cents yesterday to close at $4.12.