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NEW YORK (TheStreet) -- Sprint Corp.  (S) stock is up by 0.67% to $3.01 in mid-morning trading on Wednesday, after the company was upgraded to "perform" from "underperform" at Oppenheimer.

The Overland Park, KS-based telecommunications company was upgraded due to its LTE Plus Network, which has launched in 150 markets and should appeal to customers, the firm said. 

"The network is improving, and this should continue, and subscriber trends have stabilized, although with lower average revenue per user and declining prepaid, both of which should persist for another few quarters," according to Oppenheimer. 

Additionally, the U.S. wireless carrier was upgraded because Sprint has lowered its expenses and will raise prices in February, the firm said. Sprint is lowering is expenses by $2 billion in 2016.

"The company's cash flows are currently under pressure from its network rationalization, 4G buildout and phone leasing; however, if it executes on its turnaround efforts, it could see significant margin expansion over the next three years," Oppenheimer added.

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