UPDATE: Deutsche Bank Lowers PT on Leap Wireless International from $18 to $13

Deutsche Bank has published a report on Leap Wireless International LEAP lowering the price target by $5. In the report, Deutsche Bank wrote, "We expect investors to react positively to LEAP's 2Q report. While results were a bit soft vs. our ests, we believe expectations were low in light of recent pressure on the stock and anxiety about prepaid fundamentals. ARPU continues to ramp on smartphone uptake and churn, while elevated in 2Q, has stabilized into 3Q. Margin recovery likely moderates going forward due to the impact of strategic initiatives, so we are trimming '12 ests. Our new PT of $13 implies attractive upside pot'l, but we maintain HOLD until we have better visibility on revenue and margins in '12." Deutsche Bank rated Leap Wireless International a Hold with a price target reduced from $18.00 to $13.00. Leap Wireless International closed Wednesday at $10.04.