UPDATE: Bank of America Lowers PT on Leap Wireless International from $20 to $14

Bank of America has published a research report on Leap Wireless International LEAP lowering the price target. In the report, Bank of America wrote, "We have calculated what we call ‘liquidation' value many times for LEAP. We define it as basically selling off the piece parts of LEAP in an effort to compare how the value of the business as a going concern compares to the raw materials necessary to operate the business. Those times that LEAP has traded materially below this value, we have seen opportunities emerge to profit from share price recovery." Bank of America rated Leap Wireless a Buy with a price target lowered from $20.00 to $14.00. Leap Wireless International closed Monday at $8.53.