NEW YORK (TheStreet) -- Sprint Corporation (S) dropped lower during Friday's trading session following a series of analyst downgrades. By early afternoon, the telecommunications company had shed 5.2% to $9.86.
Stifel analyst Christopher King downgraded Sprint shares to a "sell" rating on the view a 30% run-up over the past four weeks had the stock overvalued. King also noted while the rumored Sprint and T-Mobile (TMUS) merger would be favorable, a deal would likely face innumerable regulatory hurdles.
On Thursday, Cowen and Company downgraded Sprint to "market perform" from "outperform." Likewise, Macquarie downgraded shares to "neutral."
Citi Research, however, upped its price target to $10.50 from $8.50.Also see: The 10 Drunkest States in America... and the 10 Most Sober.
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