UPDATE: Janco Partners Initiates Leap Wireless International at Long Term Buy on Consolidation Prospects
Janco Partners initiated coverage on Leap Wireless International (NASDAQ: LEAP) with a Long Term Buy rating.
Janco Parners said, "Because LEAP is likely to be an event driven stock we are using a Long Term Buy (2) recognizing that it could take more time to realize value than many investors are willing to endure. We think LEAP represents an attractive value opportunity, especially as we expect further industry consolidation beyond the T-Mobile/MetroPCS, Softbank/Sprint, Sprint/Clearwire transactions. Different from Clearwire and Sprint we believe there are a number of potential buyers for Leap Wireless. We believe it is small enough that very large carriers might consider it as a “tuck in” acquisition."
Leap Wireless International closed at $6.58 on Wednesday.
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