Bank of America Provides Color on Leap Wireless

Bank of America provided color on Leap Wireless LEAP. In a research report published today, the rating agency commented on the company's Q2 results, which are due to be published on Wednesday, August 3, after the markets close. In the report, Bank of America states, “The second quarter is typically a seasonally softer quarter for Leap and we would expect this to be the case in 2011 as well. We are currently projecting total net adds of 60k, down from 331k in 1Q and up from 112k net losses in 2Q10. We will look for Leap to discuss how competition and typical seasonal forces impacted subscriber trends in the quarter as well as any initial insights to subscriber trends so far in 3Q. ” At the moment, the rating agency has a Buy rating and a price target of $20 placed on the company's stock. On Tuesday, LEAP had a disastrous day as its shares plummeted 21% to end the day at $10.27.