Citi Maintains Buy Rating and $12 PT on Leap Wireless
A report from Citi reiterates its Buy rating and $12 price target on Leap Wireless (NASDAQ: LEAP).
The report states, “We believe our Buy-rated thesis on Leap remains intact with potential upside for the share price based on: 1) improving wireless revenue growth from rising Smartphone penetration and better sales productivity for its voice segment; 2) accelerating OIBDA growth during 2012 that should exceed consensus; & 3) remaining a beneficiary from potential industry consolidation with a cheaper implied spectrum value."
LEAP closed yesterday at $6.95.
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