UPDATE: Piper Jaffray Lowers MetroPCS' PT

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

PT from $11 to $7.50. Piper Jaffray said in the report, "Metro will add picocells within macrocells to improve capacity, which should help. It will also deploy microwave backhaul, which is less reliable than T1s or fiber, to reduce costs. Finally, it expects to have low priced smartphones with voice over LTE capability in the fall 2012, which would allow it to refarm spectrum for added capacity. We have reservations as to the quality of VoLTE service in its early life cycle and worry that lower priced smartphones could result in higher churn of smartphone subs (less commitment at purchase)." Piper Jaffray maintains its Neutral rating on MetroPCS, which is currently trading at $6.88.