Leap Wireless International (NASDAQ: LEAP) was upgraded by stock analysts at JPMorgan Chase & Co. from an “underweight” rating to a “neutral” rating in a report issued on Monday, TheFlyOnTheWall.com reports. The firm currently has a $18.00 price target on the stock, up from their previous price target of $5.00. JPMorgan Chase & Co.’s price target points to a potential upside of 6.19% from the company’s current price.
The analysts wrote, “AT&T has agreed to buy Leap for $15/share or $3.8 billion including debt, $0.95/MHz-pop after excluding $1.04b for customers. Leap investors will also get cash from the sale of Leap’s 700 MHz A-block in Chicago, which we estimate to be another $206m or $2.68/share. We are somewhat surprised with the deal as AT&T in the past has said that they didn’t think they could get an acquisition of a wireless competitor, especially a low-end competitor, past the FCC.”
A number of other firms have also recently commented on LEAP. Analysts at Barclays Capital upgraded shares of Leap Wireless International from an “underweight” rating to an “overweight” rating in a research note to investors on Monday. Separately, analysts at BMO Capital Markets upgraded shares of Leap Wireless International from an “underperform” rating to a “market perform” rating in a research note to investors on Monday. They now have a $15.00 price target on the stock, up previously from $3.00. Finally, analysts at Macquarie upgraded shares of Leap Wireless International from an “underperform” rating to a “neutral” rating in a research note to investors on Wednesday, July 3rd. They now have a $7.50 price target on the stock, up previously from $4.50.
Four equities research analysts have rated the stock with a sell rating, fifteen have issued a hold rating and one has issued a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $9.88.
Leap Wireless International (NASDAQ: LEAP) traded up 1.00% on Monday, hitting $17.12. Leap Wireless International has a 52-week low of $4.28 and a 52-week high of $17.25. The stock’s 50-day moving average is currently $6.58. The company’s market cap is $1.353 billion.
Leap Wireless International (NASDAQ: LEAP) last issued its quarterly earnings data on Tuesday, April 30th. The company reported ($1.43) EPS for the quarter, missing the Thomson Reuters consensus estimate of ($1.20) by $0.23. The company had revenue of $789.86 million for the quarter, compared to the consensus estimate of $734.94 million. During the same quarter in the prior year, the company posted ($1.28) earnings per share. The company’s quarterly revenue was down 4.3% on a year-over-year basis. On average, analysts predict that Leap Wireless International will post $-5.18 earnings per share for the current fiscal year.
Leap Wireless International, Inc (NASDAQ: LEAP) is a wireless communications carrier that offers digital wireless services in the United States under the Cricket brand.
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