Canaccord Genuity Calls Leap Wireless (LEAP) Dead Money

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Analysts at Canaccord Genuity said Leap Wireless (NASDAQ: LEAP) is "dead money at best" for the second half of the year. They are recommending investors stay on the sidelines.

"It is clear that the company is having a difficult time competing against the larger competitors, and we believe the outlook for the company remains more uncertain that ever," said analyst Greg Miller

"With such a steady stream of bad news in Q2/12, it is difficult to believe we are halfway through the company's transition plan as suggested. With adverse industry conditions intensifying, we continue to recommend investors stay on the sidelines."

Canaccord Genuity Hold rating on Leap Wireless (NASDAQ: LEAP). The firm lowered its price target to $4.00 (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 $5.52 yesterday, with a 52 week range of $4.68-$11.30.

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