UPDATE: Piper Jaffray Lowers PT on Leap Wireless International from $4.00 to $3.50

Piper Jaffray maintained a Neutral rating on Leap Wireless

and lowered its price target from $4.00 to $3.50. Piper Jaffray wrote, “Leap reported soft 2Q results that included weaker-than-expected revenues, subscriber additions and churn. While Leap managed to beat Street expectations on EBITDA, this was done on the back of much lower customer additions. The company faces, in our opinion, challenges in the second half of 2012 as it enters with lower customer acquisition and retention metrics (gross adds and churn) coupled with higher customer acquisition costs (CPGA). Maintaining Neutral and reducing our price target to $3.50.” Leap Wireless closed at $5.52 on Monday.