Story updated at 9:45 a.m. to reflect market changes.
Sprint gained 2.2% to $8.07 in morning trading.
The bank set a price target of $9.25 for the wireless carrier. Analysts Brett Feldman, Jiorden Sanchez, and Jonathan Epstein said the upgrade is due to a recent stock pullback. The analysts also cite two "key themes" for the carrier which include "(1) a significant spectrum advantage and (2) an outlook for material EBITDA growth during the next 2 years."
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The upgrade comes one day after Sprint announced a surprising net gain of subscribers in the fourth quarter of 2013, and a lower-than-expected loss.