Deutsche Bank Upgrades MetroPCS (PCS) to Buy

Deutsche Bank upgraded MetroPCS (NYSE: PCS) from Hold to Buy with a price target of $12.00 (from $9.00).

The firm comments, "Despite yesterday's massive outperformance (+37% vs. SPX +2%), we see at least 40% potential upside over the next 12 months for a few reasons. (1) Against a back-drop of low expectations, we believe that PCS's planned LTE product roll-out in 3Q/4Q could drive a sharper than anticipated return to sub and ARPU growth. (2) PCS has several potential strategic alternatives including spectrum deals and M&A (as cited by various media reports). (3) Valuation remains compelling; PCS is trading at a 30%+ discount to large cap wireless peers."

For an analyst ratings summary and ratings history on MetroPCS click here. For more ratings news on MetroPCS click here.

Shares of MetroPCS closed at $8.59 yesterday.

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