UPDATE: Piper Jaffray Raises PT to $4 on Leap Wireless International on Lower Capex Forecast

Piper Jaffray reiterated its Neutral rating on Leap Wireless International

but increased its price target from $3.50 to $4. Piper Jaffray said, "We are updating our model for Leap Wireless and raising our price target to $4; the price target raise stems primarily from a lower capex forecast. On November 7, Leap reported 3Q12 results; service revenues were slightly less than expected, while EBITDA was materially short of forecast on higher subscriber costs. Subscriber losses were slightly worse than expected on higher churn. We continue to rate Leap Neutral." Leap Wireless International closed at $5.59 on Tuesday.