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Janco Partners raised its rating on Sprint Nextel
S from Sell to Arbitrage Buy.
Janco Partners commented, "Softbank appears to be valuing Sprint at $6.39 per share and we calculate the risk weighted return to Sprint shareholders at $6.38. With a current stock price of $5.73 the arbitrage offers 11% return over the next six to nine months. Clearly our concerns about the NY State sales tax fraud suit did not deter Softbank in striking this transaction. We believe this makes Sprint an attractive stock and accordingly we raise our opinion from Sell (4) to Arbitrage Buy (2). We use a qualified buy opinion to reflect regulatory and other transaction related risk between as US and foreign company."
Sprint Nextel closed at $5.73 on Friday.
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