UPDATE: Canaccord Downgrades MetroPCS; Lowers PT

According to a research report published this morning, Canaccord has downgraded MetroPCS

from Buy to Hold, and lowered PT from $16 to $9. Canaccord commented in the report, "With the report and associated commentary, we now question if the business model will be capable of competing in a market where data has become more important than text and voice. We find astonishing that Sprint's management was reportedly ready to sign off on an acquisition of PCS in the past two months alone. We are cutting our price target to $9.00 from $16.00." MetroPCS closed yesterday at $7.08.