Shares of Sprint Nextel Corp., the country’s third-largest cellphone company, climbed Monday after an analyst upgraded them.
Analyst Mike McCormack of Nomura Securities upgraded Sprint from “Neutral” to “Buy” in a Monday morning note, saying it the company’s promise that an ongoing network revamp will save it money looks more credible. McCormack raised his target price on the shares from $2.50 to $7.
Sprint shares rose 22 cents, or 4.4 percent, to $5.25 in midday trading and closed at $5.15 by the end of the day. The shares are close to their 52-week high of $5.49, hit a month ago, and have more than doubled since the start of the year.
Read more at Bloomberg Business Week.