UPDATE: Jefferies Raises PT on MetroPCS Communications from $9 to $10

Jefferies reiterated a Buy rating on MetroPCS Communications PCS and raised its price target from $9 to $10. Jefferies noted, “2Q12 results were largely above our/Street expectations. While we believe CPGA and margins are likely to be pressured when PCS launches the 4G LTE For All initiative, given the positive FCF and low leverage we believe PCS shares are attractive at current levels, particularly given the improvement in Sprint's share price. We maintain our Buy rating and are raising our price target to $10 (from $9).” MetorPCS Communications closed at $8.59 on Thursday.