Sprint Nextel Corp. (NYSE: S): BTIG on Tuesday upgraded its rating on the company to Neutral from Sell. In a research note to clients, the firm stated, "We upgraded Sprint based on valuation as the stock now trades under 5.0x our 2012 EBITDA estimate, which is below consensus...We are not moving to a Buy because we believe that Sprint’s stock can fall further given its uncertain EBITDA, high debt leverage and lack of free cash flow. We also believe it needs to develop a clear 4G strategy including financing or taking control of Clearwire (Nasdaq: CLWR). At $2.00, Sprint would be trading at 4.0x our 2012 EBITDA estimate, excluding any investments it would need to make in Clearwire, spectrum or an acceleration of its network modernization program."
American International Group (NYSE: AIG): Keefe, Bruyette & Woods upgraded its rating on the stock to Market Perform from Underperform with a price target of $24. In a research note to clients, the firm stated, "We are upgrading the shares of AIG to Market Perform as the shares have fallen to be in line with our $24 price target. We remain cautious in our outlook but believe the current valuation properly weighs a cautious stance."
Gilead Sciences (NASDAQ: GILD): Brean Murray Carret & Co. initiated coverage on the company with a Buy rating and a price target of $52. In a research note to clients, the firm stated "We believe GILD shares are set to outperform over the next 12 months, given a potential U.S. approval of a novel, fixed-dose combination therapy over the next few weeks, the anticipated move forward with collaboration around a novel PI-based FDC with Tibotec, and expected positive data from GILD's most-watched, development-stage asset, the Quad."
Wynn Resorts (NASDAQ: WYNN): Citigroup upgraded its rating on the company to Hold from Sell. The firm lowered its price target by $0.50 to $133.00.
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