UPDATE: Citigroup Reduces PT to $12 on MetroPCS Communications Ahead of Q3 Results

Citigroup reiterated its high-risk Neutral rating on MetroPCS Communications

and reduced its price target from $13 to $12. Citigroup commented, "We remain Neutral on PCS shares following Deutsche Telekom's announced plans to merge T-Mobile USA into Metro PCS in an all-stock transaction, and we are lowering our target price to $12 per share using a 5x multiple on 2013 PF OIBDA, anticipated dividends of ~$4/share for PCS, & some synergy realization. While our preview focuses on results specifically for Metro, DT's results for T-Mobile USA are likely to have a greater influence on the share price." MetroPCS Communications closed at $10.59 on Friday.