Give Sprint a Second Chance

By Sam Collins,

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Sprint Nextel Corporation (NYSE: S ) -- This leading wireless service provider was in a bear market from 2006 to 2008, falling from over $24 to under $2.

S Stock Chart  

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I began recommending Sprint early this year at $3.25. But on May 25, at $5.29, we zigged when we should have zagged, when I said, "Despite heavy selling in the broad market, Sprint broke from a triple-top on very heavy volume. Our trading target is raised to $6, but a run to $10 by year-end is possible."

The pullback in S is not unusual following a big breakout, so accumulating the stock now and down to $3.80 may still turn out to be a great investment. 

We'll stick with the former targets. S&P rates the stock a "four-star buy" and recently increased its 12-month target to $6 from $5.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing Investing Ideas
Referenced Stocks: S

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