MetroPCS rises with endorsement from Citigroup

A week ago, we learned that MetroPCS is the fastest growing wireless company. This week, their stock is soaring even higher because of a “Buy” rating from Citigroup.

The Citigroup analysts think that MetroPCS is a strong buy because of recent expansion talks. The company currently has limited coverage, but plans to expand into more metropolitan areas with their attractive unlimited prepaid wireless phone plans.

MetroPCS’s stock has risen 35 percent since its April IPO. Upon news of of Citigroup’s “Buy” rating, the stock rose 3.9 percent on the afternoon of June 11.

Also mentioned in this article is Leap wireless, a company much like MetroPCS, except they cover smaller markets. Once again, the merger of the companies has been speculated, as they would represent two strong companies who would be able to cover a wide area of service.

Leap shares jumped roughly two percent on the same afternoon as MetroPCS, also upon news of a “Buy” rating from Citigroup.

[MSN Money]

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