UPDATE: Jefferies Downgrades Leap Wireless International to Underperform

Jefferies downgraded Leap Wireless International

from Hold to Underperform and lowered the price target from $6.00 to $5.00. Jefferies noted, "Business trends have been weak in 2012 and we forecast that to continue, competition is getting more intense, and Leap has limited financial flexibility. We do not view Leap's spectrum as a "must-have" asset, and even if there is interest, we do not see any significant activity until 2H13." Leap Wireless International closed at $6.33 on Wednesday.