BTIG Starts Leap Wireless (LEAP) at Sell
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Price: $10.02 --0%
Rating Summary:
3 Buy, 18 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 18 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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BTIG initiates coverage on Leap Wireless (NASDAQ: LEAP) with a Sell. PT $4.00.
BTIG analyst says, "We believe Leap could return to the capital markets within the next 12 months if they are unable to sell some of their unused regional spectrum and based on the company’s history of raising capital when cash falls below $500 million."
"Our $4 price target for Leap is based on 5.0x our 2012 EBITDA estimate including a $200 million spectrum asset sale. Leap generates no EPS or FCF. Given the debt leverage, small changes in the target multiple or EBITDA can have a large impact on equity valuation."
For more ratings news on Leap Wireless click here and for the rating history of Leap Wireless click here.
Shares of Leap Wireless closed at $6.91 yesterday.
BTIG analyst says, "We believe Leap could return to the capital markets within the next 12 months if they are unable to sell some of their unused regional spectrum and based on the company’s history of raising capital when cash falls below $500 million."
"Our $4 price target for Leap is based on 5.0x our 2012 EBITDA estimate including a $200 million spectrum asset sale. Leap generates no EPS or FCF. Given the debt leverage, small changes in the target multiple or EBITDA can have a large impact on equity valuation."
For more ratings news on Leap Wireless click here and for the rating history of Leap Wireless click here.
Shares of Leap Wireless closed at $6.91 yesterday.
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