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Fly News Breaks for August 25, 2016
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Aug 25, 2016 | 07:44 EDT
As previously reported, Buckingham downgraded Sprint to Underperform from Neutral and raised its price target to $5 from $3.50. Analyst James Ratcliffe said shares are more than pricing in continued improvement in subscriber and ARPU performance, along with capex at or below industry norms at current levels. The analyst notes shares are trading at a premium and does not expect the company to generate material free cash until FY18 at the earliest, and expects a material increase in capex in 2017 to $136 per postpaid customer from 94 this year. Further, the analyst does not view Sprint as a near term to medium term M&A target for regulatory reasons.
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