Collins Stewart Maintains Buy on Sprint Nextel

Collins Stewart is out with its report today on Sprint Nextel S, maintaining Buy. In its report, Collins Stewart writes, "Although the potential introduction of the iPhone could further delay the ultimate turnaround in the wireless margins at Sprint, we believe many of the negatives are now well understood by investors and priced in the shares, setting up a fairly low bar for 2H11 expectations. As such, we believe that Sprint shares, currently priced at 4.6x 2012 EBITDA, presents an attractive entry point for investors as the company continues to improve its wireless service revenue." Collins Stewart maintains a $5 PT on S. At the time of posting, shares of S were trading pre-market at $3.61, up 1.69% from Tuesday's close.