Subject: [NEXTEL-1] RBC Capital Lowers Nextel to 'Sector Perform'

From: Marcel <[email-masked]>
Date: Wed, 12 Mar 2003 06:38:05 -0500

WORD ON THE STREET • From S&P
RBC Capital Lowers Nextel to 'Sector Perform'
Analyst Jonathan Atkin cites concerns about Motorola's stake reduction in the wireless
phone company

RBC Capital downgraded Nextel Communications (NXTL ) to sector perform from outperform.
Analyst Jonathan Atkin says he views recent events with concern, specifically citing
Motorola's stake reduction and the
competitive push-to-talk progress. Atkin thinks the most potential positives such as
Nextel's 6:1 vocoder, a spectrum-swap
proposal, and nationwide Direct Connect, are largely reflected in the stock.
He sees potentially greater risk from churn related to local number portability, and he
adjusted his estimates accordingly.
Atkin also cut his $3.9 billion 2003 EBITDA estimate to $3.8 billion, and cut the $4.7
billion 2004 estimate to $4.2 billion on
higher-than-expected churn, and cost per gross activation. Finally, he trimmed the $15
target to $13.

http://www.businessweek.com/investor/content/mar2003/pi20030310_7417_pi006.htm

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