Citadel is out with its report today on Leap Wireless LEAP and MetroPCS PCS, initiating coverage on LEAP and PCS.
In a note to clients, Citadel writes, "The U.S. wireless industry in the midst of a shift in favor of prepaid (nocontract) versus postpaid (contract) tiers. We initiate coverage on two of the larger beneficiaries of this secular trend, Leap Wireless (Edge Positive, $22 PT) and MetroPCS (Neutral, $18 PT). While Leap and Metro have historically benefited from targeting the 'low-end' consumer, we believe that their future growth will come from the evolving 'middle tier' of the market."
Shares of LEAP closed Tuesday at $15.70.
Shares of PCS closed Tuesday at $17.55.
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Posted In: Analyst ColorPrice TargetInitiationAnalyst RatingscitadelLeap WirelessMetroPCSTelecommunication ServicesWireless Telecommunication Services
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