UPDATE: Goldman Sachs Lowers PT on Leap Wireless from $8.50 to $6.00

Goldman Sachs reiterated a Neutral rating on Leap Wireless International LEAP and lowered its price target from $8.50 to $6.00. Goldman Sachs wrote, “Post 2Q12, we forecast 2012/2013 service revenues of $2.99bn/$3.04bn (-5%/-10% from prior), and adj. EBITDA of $587mn/$589mn (-4%/-11% from prior), given lower subscriber and ARPU forecasts. Our new 2012E-2014E EPS estimates are ($4.55)/($4.47)/($2.43), from ($3.97)/($3.21)/($1.83), and as such we lower our 12-month price target to $6.00 (from $8.50 previously).” Leap Wireless closed at $5.52 on Monday.