Wells Fargo Says Clearwire Deal Positive For Sprint Shares

Wells Fargo (NYSE:WF) believes this morning's deal with Clearwire (NASDAQ:CLWR) should be viewed as a positive for Sprint (NYSE:S) shares. The firm believes the agreement removes an overhang for the stock and notes Sprint's capital investment in Clearwire is better than feared. The firm has an outperform rating on Sprint. Sprint Nextel (NYSE:S) has potential upside of 29.3% based on a current price of $2.65 and an average consensus analyst price target of $3.42. Sprint Nextel is currently below its 50-day moving average (MA) of $2.76 and below its 200-day MA of $4.18.

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