Zacks cut shares of NII Holdings (NASDAQ: NIHD) from a neutral rating to an underperform rating in a research note issued to investors on Tuesday. The firm currently has $4.25 target price on the stock.

Zacks’ analyst wrote, “We downgrade our recommendation on NII Holdings to Underperform backed by our assessment that the company’s slide will continue in the near future. NII Holdings reported dismal financial results for the fourth quarter of 2012. Both the top line and bottom line were well below the Zacks Consensus Estimates. In synergy with the somber results, management slashed its 2013 financial outlook. This was primarily driven by the volatile macro economic condition coupled with depreciation of several Latin American currencies with respect to the U.S. dollar. Furthermore, stiff competitive scenarios in Latin American markets are other impediments for such a reduced outlook. We believe intensifying competition and increased promotional expenses may reduce the company’s near-term growth opportunity. We do not find any immediate growth catalysts and expect NII Holdings to report weak financial results.”

A number of other firms have also recently commented on NIHD. Analysts at Raymond James cut their price target on shares of NII Holdings from $11.00 to $7.00 in a research note to investors on Monday, March 4th. Separately, analysts at HSBC cut their price target on shares of NII Holdings from $5.00 to $4.00 in a research note to investors on Monday, March 4th. They now have an underweight rating on the stock. Finally, analysts at JPMorgan Chase downgraded shares of NII Holdings from a neutral rating to an underweight rating in a research note to investors on Wednesday, February 6th.

Six investment analysts have rated the stock with a buy rating, one has issued an overweight rating, three have issued a hold rating, two have issued an underweight rating, and one has assigned a sell rating to the company’s stock. NII Holdings presently has an average rating of overweight and an average target price of $9.24.

NII Holdings opened at 4.55 on Tuesday. NII Holdings has a 52-week low of $4.41 and a 52-week high of $19.63. The stock’s 50-day moving average is currently $5.8. The company’s market cap is $781.0 million.

NII Holdings, Inc. (NII Holdings) is a holding company for the operations of Nextel Communications, Inc.

To view Zacks’ full report, visit www.zacks.com

Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.