Leap Wireless (LEAP) is downgraded to Neutral from Buy with a reduced price target of $12 from...

|By:, SA News Editor

Leap Wireless (LEAP) is downgraded to Neutral from Buy with a reduced price target of $12 from $18 at Collins Stewart. Following the latest volatile quarter and increased competition, the firm says LEAP remains in "a relatively weak position" amid a riskier picture for the U.S. wireless industry; it's also unlikely AT&T (T) will acquire LEAP, as recently speculated.