By Market News Video Staff, Tuesday, November 16, 1:55 PM ET
Sprint Nextel (NYSE:S) was upgraded at Piper Jaffray (NYSE:PJC) today, from underweight to neutral citing valuation. The analyst at Piper warned that EBITDA estimates are too high. The firm maintained its price target at $3.50, still below the current price of $3.84.
Sprint shares total 4.6% of the iShares Dow Jones U.S. Telecommunications Sector Index Fund (AMEX:IYZ), which is trading lower by 1.7% today. Tops stocks in the fund include AT&T (NYSE:T) at 15.19% of the portfolio, Verizon Communications (NYSE:VZ) at 11.67%, American Tower Corp. (NYSE:AMT) at 6.62%, Centurylink (NYSE:CTL), at 5.47%, and Qwest Communications (NYSE:Q) at 4.77% of the ETF.
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