Kaufman Bros. Starts MetroPCS (PCS) at Buy; Prepaid Wireless Provider Set To Benefit from Smartphone Adoption

Kaufman Bros. initiates coverage on MetroPCS (NYSE: PCS) with a Buy. PT $24.

Kaufman analyst said, "We expect the company to grow its EBITDA by a CAGR of 18% through 2013 on a combination of customer growth and smartphone adoption. In addition, although higher gas prices and rising unemployment this spring may hamper customer additions in 2Q11 and 3Q11, these same factors may also benefit MetroPCS' ability to continue taking market share from post-paid. Overall, we believe the company's growth trajectory will remain intact as the possibility of more "fallen angels" from contract customers remains an opportunity."

For more ratings news on MetroPCS click here and for the rating history of MetroPCS click here.

Shares of MetroPCS closed at $16.96 yesterday.

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