One Reason Sprint (S) Stock Is Falling Today

NEW YORK (TheStreet) -- Shares of Sprint Corp. (S) are down 2.80% to $5.035 in early morning trading after the company's price target and annual EBITDA and revenue estimates were cut at Canaccord Genuity.

The firm lowered the price target to $5 from $5.75 for the U.S.-based wireless and wireline telecommunications company.

Canaccord set annual revenue estimates at $34.18 million from $34.45 million for fiscal 2014, and to $33.34 million from $34.54 million for fiscal 2015.

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The firm also reduced annual EBITDA estimates to $5.94 million from $6.44 million for fiscal 2014, and to $6.68 million from $7.17 million.

Canaccord reiterated its "hold" rating for Sprint and said it lowered estimates as the potential turnaround has been delayed.

"We believe new CEO Marcelo Claure will simply need more time to address [issues facing Sprint]," said Canaccord analysts Greg Miller and Matthew Kahn.

S Chart S data by YCharts

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