Subject: [NEXTEL-1] MORGAN STANLEY-DOWNGRADING NEXTEL BASED ON CONCERNS AFTER 1Q04 IS REPORTED IN APRIL

From: Marcelrf <[email-masked]>
Date: Wed, 25 Feb 2004 04:09:25 -0500

DOWNGRADING NEXTEL BASED ON CONCERNS AFTER 1Q04 IS REPORTED IN APRIL

In conjunction with the shift in our industry rating to In-Line from
Cautious, we are downgrading Nextel to Underweight-V from
Equal-weight-V, and maintaining our year-end 2004 price target of $19.

-THE STOCK HAS CLIMBED MORE THAN 50% OVER THE PAST SIX MONTHS We
continue to believe that strong first quarter results could support the
stock for some time.  However, longer term we are concerned about
PTT competition, slowing gross adds, the need for a next-gen data
platform, the possible need to expense stock options, the effect that
increased promotions will have on margins, and NXTL's high correlation
with Nasdaq.

-OUR NEW INDUSTRY VIEW IS IN-LINE
Our new industry view reflects our belief the telecom services industry
will perform more broadly in-line with the general market for the
remainder of 2004 as the market becomes more defensive and focused upon
large cap, quality stocks, rather than low priced, high volatility names
that have thus far driven the rally. Longer term, we believe industry
structure and secular pressures will persist.

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    "NEXTEL-1 IT'S NOT JUST NEXTEL"
  Note The New address 
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     The Complete Resource for Wireless Homeland Security.
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