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Philip Cusick, an analyst at Bear Stearns, Friday trimmed his EPS forecasts for Sprint Nextel (S), citing a loss of iDEN subscribers (the old Nextel network) and “struggles to ramp with CDMA.” Cusick says he now expects Sprint to lose 300,000 net post-paid subscribers in the first quarter, up from a previous estimate of 200,000.

Cusick says his new estimates also reflects higher cost of sales. He now sees the company earning 23 cents a share in the first quarter, down from 26 cents. For 2007, he goes to 85 cents, from 86 cents; for 2008 he drops to $1.12, from $1.29:

Though Sprint is likely to add subs in 2Q so far this looks to be driven more by ramping retention and marketing spending rather than improved customer perception. We look for S shares to remain volatile but show minimal upside to its current price over the next 12 months.

Sprint Friday was off 23 cents at $19.22.

Source: Sprint Loses More Subscribers Than Expected