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Clearwire: Citigroup Isn’t As Bullish As Others

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By Douglas A. McIntyre Published

Clearwire (CLWR-NASDAQ) isn’t getting the same rosy call from Citigroup this morning after most of the analysts unsuccessfully went out with positive calls yesterday.  The analyst cites the substantial funding risks required to deploy their WiMAX technology over the coming 5 years (has been disclosed in all of the filings, as well; and it has been well-noted that the company will have to raise cash in multiple stages).  Citigroup is initiating coverage with a HOLD rating and a $23.00 target.   

The stock is down almost another 4% after the open, but based on yesterday’s call this still would represent a 29% upside from yesterday’s close.  Please keep in mind that this call, even though it is on this morning’s call, was actually posted right after yesterday’s close; so this “29% upside” is actually more than what the real call would have implied if this one went out to customers during yesterday’s trading.  Either way, Citigroup is one of the more muted coverage initiations than we saw from the rest of the pack (most analyst calls were positive yesterday).

Jon C. Ogg
April 18, 2007

Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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