Sprint Nextel Corp. (S) — This leading wireless and telecommunications provider has been in a bear market since 2006, falling from over $24 to under $2 in late 2008.
On Feb. 22, at $3.55, I said, “This stock is in a sideways trend, but accumulation of the shares appears to be picking up, and a saucer bottom may be forming. Along with the positive accumulation, the stochastic has been issuing buy signals, and another internal indicator, the Moving Average Convergence/Divergence (MACD), is undervalued and issued a buy signal last week.
“The change in trend could be at a very early stage, so the technical picture is not purely positive, but recent changes in opinion by respected analysts in the absence of a negative technical picture make this an intriguing speculation.“
S can be accumulated here. S&P rates the stock a “four-star buy” with a 12-month target of $5. My technical target for this stock is also $5.
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