Barclays Maintains an 'Equalweight' on Leap Wireless (LEAP); Adjusting PT and Estimates

Barclays maintains an 'Equalweight' on Leap Wireless (NASDAQ: LEAP) price target raised from $11 to $13.

Analyst, James M. Ratcliffe, said, "In light of better than expected churn guidance and the CLWR wholesale announcement, which is expected to reduce capex requirements for an LTE buildout, we are raising our price target, but maintaining our EW rating, as rising gas prices could disproportionately impact LEAP's subscriber base." (Barclays lowers Q1/FY12 churn to 3.1/3.4% and raises net additions to 310k/576k)

Barclays lowers FY12 loss from (1.42) to (3.93) and lowers Q1/FY12 revenue to $823mln / $3.38 bln.

Shares are trading at $9.45, down $0.50 (-5.03%) in afternoon trading.

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 $9.95 yesterday.

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