UPDATE: Piper Jaffray Upgrades Leap Wireless

According to a research report published this morning, Piper Jaffray has upgraded Leap Wireless LEAP from Underweight to Neutral. In the report, Piper Jaffray explained, "We are upgrading Leap to Neutral, as we feel there is limited additional downside with the stock approaching our target. Given the high volume of trading over the last several days, we believe significant sellers have been exiting the stock, and once they are done the stock could stabilize or rally. At current levels, the equity is approaching an optionality value on the spectrum at Leap. We are not, however, more bullish on the long term prospects of the pre-paid business." Leap Wireless closed Friday at $4.78.