ALLTEL "neutral weight"

07/07/05 - Prudential Financial

NEW YORK, July 7 (newratings.com) - Analyst Christopher M Larsen of Prudential Financial reiterates his "neutral weight" rating on ALLTEL Corp (AT). The target price is set to $55.

In a research note published this morning, the analyst mentions that the Department of Justice has approved the company’s merger with Western Wireless. The deal is now pending the approval of the FCC, the US federal district court and Western Wireless’ shareholders, the analyst says. ALLTEL’s agreement with the Department of Justice entails the divestiture of Western Wireless' Cellular One brand and the CDMA operations in 16 markets, which constitute approximately 15% of Western Wireless' total domestic coverage, Prudential Financial adds.