Will This Price Target Cut Hurt Sprint (S) Stock Today?

Story updated at 9:50 a.m. to reflect market activity.

NEW YORK (TheStreet) -- UBS lowered its price target for Sprint (S) to $6 from $8 Wednesday.

Shares of Sprint fell -0.7% to $5.82 in morning trading.

The analyst firm reiterated its “neutral” rating for the wireless carrier. Sprint is going through a transition period with new CEO Marcelo Claure, and “appears to be laying eh groundwork to become a more viable LT competitor” according to UBS analysts John C. Hoduik and Batya Levi.

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Editor's Note: Any reference to TheStreet Ratings and its underlying recommendation does not reflect the opinion of TheStreet, Inc. or any of its contributors including Jim Cramer or Stephanie Link.

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