UPDATE: Jefferies Lowers PT on Leap Wireless International

Jefferies has published a report on Leap Wireless International LEAP lowering the price target $6. In the report, Jefferies wrote, "Net Adds Fall Short. The company reported subscriber losses of 103k including 29k voice additions and 132k broadband losses. This compares to Street estimates of 52k net adds. The weakness in net adds follows weak net adds posted earlier this week by PCS. LEAP ended with 5.75mm subscribers including 5.3mm and 0.5mm voice and broadband subscribers, respectively. The company generated 623k gross adds." Jefferies rated Leap Wireless a BUY with a price target reduced from $18.00 to $12.00. Leap Wireless closed Wednesday at $10.27.