Subject: [NEXTEL-1] RESEARCH ALERT-Bear Stearns restarts three wireless cos

From: Marcel <[email-masked]>
Date: Tue, 13 May 2003 16:46:55 -0400

http://biz.yahoo.com/rc/030513/telecoms_wireless_research1_1.html

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RESEARCH ALERT-Bear Stearns restarts three wireless cos
Tuesday May 13, 11:58 am ET

CHICAGO (Reuters) - Bear Stearns Tuesday said it
reinitiated coverage of three wireless telephone companies.
Analyst Phil Cusick set a "peer perform" investment rating on
AT&T Wireless Services Inc. and Nextel Communications Inc.
, and an "underperform" rating on Sprint PCS Group
.

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Cusick said in a research note, "AT&T Wireless appears to have
the least financial risk of the wireless operators, providing
stability in the past year in a telecom sector that was dominated
by liquidity concern."
However, at the same time, he expressed uncertainty in the
competitive outlook of the No. 2 wireless operator in terms of
revenue.
Cusick said Nextel, the No. 5 wireless operator, was the most
differentiated wireless operator with its unique
walkie-talkie-like service.
However, he said the planned roll out of similar services by
rivals could present a risk, although he anticipates it to have
minimal financial impact in the near term.
"At the right price we prefer to own a company with a real,
though eroding, competitive advantage, rather than one with no
competitive advantage at all," he said.
On Sprint PCS, Cusick said, "We believe that Sprint's
competitive weakness and high leverage make it too risky for most
investors. We expect the stock will continue to trade in its
current $3 - $5 range until the results of the company's quality
efforts become more clear."
Shares of Redmond, Washington-based AT&T Wireless were off 14
cents or 2 percent to $6.71 while shares of Overland Park,
Kansas-based Sprint PCS fell 6 cents to $3.79 on the New York
Stock Exchange (News - Websites) in late morning trade. Shares of Reston,
Virginia-based Nextel were off 21 cents to $13.71 on Nasdaq.

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