UPDATE: Guggenheim Lowers MetroPCS' PT

According to a research report published this morning, Guggenheim has decreased MetroPCS'

PT to $9. In the report, Guggenheim said, "Upgrades exceeded gross adds by ~50%. It is unclear why PCS's handset promotions during 1Q were so much more effective in driving upgrades than in driving gross adds. Sustained high upgrades could significantly degrade prepaid carrier economics, in our view." Guggenheim maintains its Neutral rating on MetroPCS, which closed yesterday at $7.08.