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What: Shares of prepaid wireless carrier Leap Wireless
So what: Jefferies cut the stock's rating from buy to hold, while also lowering its price target from $12 to $10. The sell-off is a knee-jerk reaction to the negativity, despite the fact that even a $10 price target is higher than yesterday's close of $9.25, and much higher than the low of $8.31 seen so far today.
Now what: Leap markets its prepaid services under the Cricket brand, and Jefferies cites added risks on the horizon as larger carriers start to focus more on the prepaid segment. In related news, Jefferies upgraded Verizon
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