UPDATE: Jefferies Raises PT on MetroPCS Communications to $16 (PCS)

Jefferies is out with its report today on MetroPCS Communications PCS, raising its price target from $15 to $16. In a note to clients, Jefferies writes, "We expect continued growth to highlight the operating leverage & drive FCF. The roll-out of LTE will enable PCS to enhance its products and services resulting in higher ARPU. We reiterate our Buy rating and increase our P/T to $16." Shares of PCS closed Thursday at $13.53.