MetroPCS Communications, Inc. (PCS)

[bowonwing]

February 25, 2010. S&P REITERATES BUY OPINION ON SHARES OF PCS. Q4 earnings per share, before one-time items, of $0.10, vs.$0.09, and $0.04 below our estimate. Total revenue was 4% ahead of our estimate,but EBITDA was 3% below our forecast on higher than expected operating
expenses.

We continue to think PCS holds a solid position in the high growth,
prepaid sector of the wireless market.

We are reducing our 2010 earnings per share estimate by $0.07 to $0.53, and we are introducing our '11 estimate of $0.61.

We maintain our 12-month target price of $10, based on revised enterprise
value/EBITDA peer analysis. /J.Moorman-CFA

2010 earnings est.: $0.53
2011 earnings est.: $0.61