Sanford Bernstein’s Craig Moffett is back on Bloomberg News dismissing Sprint’s business strategy and lamenting the cost of subsidizing Apple’s iPhone 5 for existing customers who don’t really ‘need’ a new phone. Moffett sees all downsides for America’s third largest carrier (in May he gave the company a 50-50 shot of landing in bankruptcy court), trying to compete against a virtual duopoly successfully maintained by AT&T and Verizon. He thinks iPhone subsidies and purchase guarantees cost Sprint too much, their 4G LTE network is too little, too late (and will never perform as well as larger competitors who have lower frequency spectrum available for better reception), and their stock is overvalued. Wall Street routinely brings out analysts cheerleading additional mergers and acquisitions for further consolidation in the wireless market. By cutting down Sprint, Wall Street continues to emphasize it has already picked winners (AT&T and Verizon) and losers (Sprint, T-Mobile, everyone else).  (6 minutes)

Other stories of interest:

1. Sprint: “50% Chance of Chapter 11 Bankruptcy,” Says Wall Street Analyst
2. Wall Street Journal Report: Verizon iPhone Could Arrive By June
3. Wall Street Attacks: Sprint CEO in Big Trouble for Plans to Upgrade Sprint’s Network to LTE
4. Sprint Attempts, Pulls Back from Buyout of MetroPCS; Wall Street Questions Management
5. Wall Street & Verizon Wireless CEO Love Company’s New, Higher-Priced Plans