UPDATE: Collins Stewart Downgrades Leap Wireless International to Neutral

Collins Stewart lowers its rating on Leap Wireless International

in continued volatility in operating trends. Price target is also cut to $12 from $18. Collins Stewart says, "Following several volatile quarters of results and what appears to be increasing levels of competition, focused initially upon handset subsidies, it becomes increasingly difficult to recommend LEAP shares for purchase at a time when the risks for the entire US Wireless industry has increased and LEAP remains in a relatively weak position." LEAP closed at $9.62 yesterday.