Gabelli Has Hold on Leap Wireless

Gabelli & Co. is out with a research report on Leap Wireless Int'l Inc (NASDAQ: LEAP) and it has a Hold rating on shares.

In a note to clients, Gabelli & Co. writes, "Reported largely in-line revenues and Adj. EBITDA and better than expected customer net adds and churn in 3Q'11. The year-over-year increase in net voice additions (vs. a loss of 172K in 3Q'10) resulted from the improved device portfolio, and all-inclusive plans introduced by LEAP over the last year, successful promotional activity, and the benefits of customers upgrading to smartphones and Muve Music devices."

Shares of LEAP closed at $6.95 yesterday.