It's "virtually impossible" to suggest Leap Wireless' (LEAP -8.8%) deal to carry the iPhone has a positive risk/reward for the carrier, says Canaccord's Greg Willer, given Leap is selling the phone with limited subsidies, and few details are known about the deal's terms. Moreover, though Leap trades at just 3.9x estimated 2013 EBITDA, Miller argues this valuation is comparable to those of other companies "whose future is in doubt."