Canaccord Genuity Says Downside Limited in Shares of Leap Wireless (LEAP)

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Despite deterioration in trends with in core business, analysts at Canaccord Genuity believe M&A will limit downside in shares of Leap Wireless (NASDAQ: LEAP).

"As LEAP Wireless continues to retool its business model to adjust for an increasingly competitive wireless market, the company just reported another sluggish quarter with all key operating metrics below expectations," said analyst Greg Miller.

"Even so, with a considerable amount of spectrum and the company's clear intension to seek sales of assets or the entire entity, we believe the downside risk to its shares is likely limited," added Miller.

Canaccord Genuity maintained a Hold rating on Leap Wireless (NASDAQ: LEAP) and cut its price target to $6.00 (from $7.00).

For an analyst ratings summary and ratings history on Leap Wireless click here. For more ratings news on Leap Wireless click here.

Shares of Leap Wireless closed at $5.34 yesterday, with a 52 week range of $4.28-$11.30.

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