UPDATE: Deutsche Bank Raises PT on Leap Wireless Following AT&T Acquisition Agreement

In a report published Monday, Deutsche Bank analyst Brett Feldman reiterated a Sell rating on Leap Wireless LEAP, and raised the price target from $4.00 to $15.00.

In the report, Deutsche Bank noted, “In this note, we briefly summarize the implications of T's agreement to acquire LEAP to these operators, other wireless carriers, towers and DISH. For LEAP, we are increasing our price target to $15. This reflects only the cash price per share of the deal while assigning no material value to the 700 MHz contingent value right (CVR) and minimal potential for LEAP to receive a superior bid. With LEAP trading at ~$17 aftermarket Friday (per FactSet), we maintain Sell.”

Leap Wireless closed on Friday at $7.98.