UPDATE: Deutsche Bank Downgrades MetroPCS; Lowers PT

According to a research report published his morning, Deutsche Bank has downgraded MetroPCS

from Buy to Hold, and lowered PT from $13 to $9. In the report, Deutsche Bank explained, "Our updated model now reflects an outlook for net subscriber losses during the next 2 quarters due to a pause in marketing ahead of the planned LTE re-launch in 4Q, and intensifying competition. This pullback in promos may boost EBITDA and cash flow near term, but will likely elevate investors' concerns as the business drifts through the seasonally slow spring and summer. While the stock is arguably cheap following its recent decline, we believe the next potential positive catalyst is a return to more robust sub growth in 4Q and are therefore moving to the sidelines until visibility improves." MetroPCS closed yesterday at $7.08.