To answer your question I would say mid-high 20's would be worth a shot as I stated a week or so ago after earnings. The problem is the management team coupled with increasing commodity costs that are going to put some serious pressure on the consumer that buys the Alltel services.
Be careful about catching the falling knife. These guys significantly over-hired for the US Wireless group and that will weigh on margins. They are clueless when it comes to getting a clear message out to the consumer and their sales force is below average.
Last time I saw an ad they were still using Chad the Alltel guy. He also will weigh on selling and marketing considering he provides zero value in today's world. They are trying to continue what Alltel was doing and looked what happened. They were gobbled up by VZ, although I will give the former executive team kudos for getting a good price before the meltdown. VZ got the good part and piece milled off the worst to ATNI and it might kill them.
Until they change out the old Alltel marketing team with some new players I'm going to have to sit this out. There are better values out there ow that the market is turning over.