J.P. Morgan Comments On PCS' 1Q11 Results

In a report on MetroPCS Communications, Inc. PCS, J.P. Morgan reports that Metro's 1Q11 net adds came at 726k “vs our 500k and Street 440k – we were at the high end of estimates. “Upgrade rate looks to be roughly 16% vs our 15% estimate for the quarter (we expect the real number on the call), and up sequentially from 14% in 4Q,” J.P. Morgan writes. “Churn was 3.1%, better than our 3.3% and down seasonally from 3.5% in 4Q10, while gross adds of 1.52m were above our 1.33m.” MetroPCS closed Monday at $16.48.