Deutsche Bank Reiterates Hold on Leap Wireless (LEAP)

Deutsche Bank is out with its report today on Leap Wireless LEAP, reiterating Hold. In a note to clients, Deutsche Bank writes, "On 1/4, LEAP pre-announced 4Q10 net adds of +115k (+162k voice, -48k b'band). While this represents an improvement following 2 quarters of sub losses, LEAP is still only generating ~1/2 the voice net adds of peer MetroPCS despite similar POP coverage. So, we will be looking for color as to whether trends have continued to improved into 1Q as well as the impact of smartphone uptake on ARPU and CPGA. While certain operating trends have gained momentum, we reiterate HOLD based on the risks of LEAP's national strategy." Deutsche Bank has a $14 PT on LEAP. At the time of posting, shares of LEAP were trading at $13.29, down 4.53% from Friday's close.