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.
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.
If you have questions or comments for Sam Collins, please e-mail him at samailc@cox.net.
Are You Ready for Dow 9,000?
John Lansing, trading maverick who called the market turn in March 2009, last summer’s “rebound rally,” gold’s meteoric rise and a continued “bull run” earlier this year, now sees huge trouble ahead, and then a surprising rally that will take the Dow back to new all-time highs. Here’s why — plus how to double your money as the market plunges and then soars.
