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RESEARCH ALERT - Lehman raises wireless outlook

NEW YORK, Sept 7 (Reuters) - Lehman Brothers said on
Tuesday it has raised its targets for the wireless services industry and wireless companies based on more favorable new forecasts of consumer use.
-- Raised estimate of U.S. wireless penetration by 2007 to 70 percent from 50 percent.
-- "We have become convinced that wireless adoption will be higher than our previous thinking, due to: greater competition, better value, smarter handsets, higher quality networks, and
favorable regulation."
-- "We believe that significat reductions in price per
minute will be offset by increased usage, as wireless becomes the preferred means for voice communication."
-- Raised its rating on Nextel Communications Inc.
to outperform from neutral.
-- Raised its price target on Nextel to $64.
-- Raised its rating on Aerial Communications Inc.
to outperform from neutral.
-- Raised its price target on Aerial to $22.
-- Raised its rating on VoiceStream Wireless to
buy from neutral.
-- Raised its price target on VoiceStream to $62.
-- Maintained Sprint PCS's rating of outperform.
-- Raised its price target on Sprint PCS to $68.
On Nasdaq Tuesday morning shares of Nextel were trading up$2-1/16 at $62-7/8, shares of Aerial were trading up $1-5/16 at$18-11/16 and shares of VoiceStream were trading up $3-1/8 at$48-3/4.
Shares of Sprint PCS were trading up 2/16 at $60-1/16 onTuesday morning on the New York Stock Exchange.
((--Wall Street Desk, 212-859-1730))
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