Bank of America Merrill Lynch Reports on Sprint Nextel

Bank of America Merrill Lynch commented on Sprint Nextel S in a report released today. In the report, Bank of America Merrill Lynch was mixed in its assessment of the company. Bank of America Merrill Lynch writes, "We reiterate Neutral with a Px Tgt of $5.50. We are revising 11/12/13E EPS from ($0.46)/($0.33)/($0.10) to ($0.42)/($0.26)/($0.11). Reports that LightSquared's founder has effectively announced network sharing is a done deal are the latest distraction for Sprint. With respect to business fundamentals, we believe Sprint's gross add share for post-paid subscribers will show continuing slippage in 2Q not only because of a full quarter of Verizon's iPhone, but because of targeted and aggressive promotional activity at T-Mobile." Bank of America Merrill Lynch currently has Neutral rating on Sprint Nextel and a price objective of $5.50. Shares of Sprint Nextel closed at $5.19 on Friday.