Bernstein Research analyst Craig Moffett this morning cut his rating on MetroPCS (PCS) to Market Perform from Outperform, with the stock now within 10% of his $10 target price.
Moffett notes that the stock generated strong performance over the last nine months, driven by strong execution, growth in the pre-paid wireless market and a view on the Street that pricing in the pre-paid sector has stabilized.
But he adds that “the going gets harder from here,” with the stock now fully priced, and with pre-paid growth recently down sharply.
PCS is down 16 cents, or 1.8%, to $8.95.
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