UPDATE: Goldman Sachs Lowers PT on Leap Wireless International to $13

Goldman Sachs is out with its report today on Leap Wireless International LEAP, lowering its PT from $15 to $13. In its report, Goldman Sachs writes, "After 2Q11, our new 2011E revenue/adj. EBITDA are $3.10 bn/$518 mn (+0.3%/-3.7%), driven by higher net equipment subsidy. This, and higher D&A/interest, drives our new 2011E-2013E EPS of ($4.35)/($2.26)/($0.88), from ($3.50)/($1.29)/($0.23). Our 12-month price target is now $13 (from $15) on lower estimates." Goldman Sachs maintains Neutral on LEAP. Shares of LEAP closed Wednesday at $10.04, down 2.24% from Tuesday's close.