UPDATE: Credit Suisse Assumes Coverage on Leap Wireless International with Neutral Rating, $5.50 PT

In a report published Monday, Credit Suisse assumed coverage on Leap Wireless International

with a Neutral rating and $5.50 price target. Credit Suisse noted, “We are assuming coverage of LEAP. We maintain our estimates and Neutral rating. We have a hard time arriving at a positive value for LEAP's equity based on multiples or a DCF. Our $5.50 TP assumes an equal probability of LEAP converting to an MVNO and selling the spectrum ($11/ sh) and the company failing to effect a value enhancing transaction ($0/sh).” Leap Wireless International closed on Friday at $6.00.