Collins Stewart Downgrades Leap Wireless (LEAP) to Neutral; Volatility In Operating Trends Continue

Collins Stewart downgraded Leap Wireless (NASDAQ: LEAP) from Buy to Neutral, price target lowered from $18 to $12.

Collins analyst says, "Following several volatile quarters of results and what appears to be increasing levels of competition, focused initially upon handset subsidies, it becomes increasingly difficult to recommend LEAP shares for purchase at a time when the risks for the entire US Wireless industry has increased and LEAP remains in a relatively weak position."

Analyst Greg Miller also thinks it's highly unlikely AT&T would acquire it as recently speculated.

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 $9.62 yesterday, with a 52 week range of $5.50-$17.66.

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