Leap: Citi Downgrades, Removes From Top Picks List; Shares Off

Leap Wireless (LEAP) shares are trading lower this morning following last night’s March quarter earnings report, and a downgrade of the shares to Hold from Buy by Citigroup (C) analyst Michael Rollins. He also removed the stock from the firm’s Top Picks Live list.

Rollins notes that the stock had rallied 27 percent since the end of January, and adds that the stock now faces “the absence of near-term positive catalysts for subscriber growth to outperform the historical seasonal headwinds for the next 3-6 months.” Rollins instead is steering investors to Buy-rated Sprint (S).

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