J.P. Morgan Neutral On NTELOS (NTLS)

J.P. Morgan Chase & Co. has a Neutral rating and a $22 price target on shares of NTELOS NTLS after it reported earnings. In a note to clients, J.P. Morgan writes, "NTELOS reported mixed 4Q10 results. Revenue and EBITDA were generally positive, though subscriber results were disappointing. In addition, management abstained from giving much detailed guidance, other than for first quarter EBITDA, full year capex and free cash flow, and directional comments on net adds. Preparation for the wireless - wireline separation in 2H11 appears to be on track. We believe the transaction is a significant positive, however we are cautious on the company's ability to meaningfully grow top-line and EBITDA in the interim and believe investors will have a better entry point during the year. We maintain a Neutral rating and $22 December 2011 price target." Shares of NTLS lost 13 cents on Friday to close at $19.32, a loss of 0.67%.