Citi Maintains Buy Rating On Leap Wireless International

According to Citi, Leap Wireless International LEAP Buy rating is maintained. Citi said that Leap released an 8-K filing that included a business update relative to guidance from the 1Q conference call, as part of its slide presentation asking shareholders to vote for Leap's Board nominees and responding to a proposal and proxy contest by one of its shareholders. “We adjusted our estimates to reflect higher subscriber acquisition costs that were partly offset by the prospects for better ARPU performance relative to our prior expectations. Our target price remains at $19 per share.” Leap Wireless International closed yesterday at $16.51.