Clearwire upgraded to hold at Citigroup

NEW YORK, Jun 25, 2008 (Thomson Financial via COMTEX) -- CLWR | Quote | Chart | News | PowerRating -- Shares of Clearwire Corp. rose Tuesday after the company was upgraded to hold from sell at Citigroup, which cited recent underperformance in the shares.

Clearwire shares rose 2.1% to $13.03 on Tuesday. The stock is down 48% over the past 52 weeks.

"We believe the risk/reward scenario is becoming more symmetrical with opportunities to generate mobile broadband revenue, while we retain our concerns on its operating strategy, revenue model relative to its guidance, and prospective funding needs," Citigroup wrote to clients.

The firm maintained its $13 price target, which it said reflected a conservative revenue model compared with the company's guidance, as well as an expectation for a significantly greater long-term funding need.

Shares of Clearwire rose 2.1% to $13.03 on Tuesday. Ryan Vlastelica rv/pc

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