First Albany Upgrades Wireless Facilities
First Albany upgraded Wireless Facilities (WFII ) to buy from neutral.
Analyst Frank Marsala bases his upgrade on his belief that industry trends are strong enough for Wireless Facilities to achieve 2005 results at the upper end of its guided ranges.
He notes Cingular yesterday provided a post-acquisition update to investors. He believes Wireless Facilities could benefit from a number of coverage, integration, expansion initiatives planned by Cingular in 2005. Marsala also thinks Wireless Facilities could take part in similar initiatives being undertaken by other carriers.
Along with the rating upgrade, Marsala raises his $7 target to $11. However, he maintains his 33 cents 2004 earnings per share and 36 cents 2005 estimates for now.