Why Sprint (S) Was Upgraded

Story updated at 9:45 a.m. to reflect market changes.

NEW YORK (TheStreet) -- Sprint (S) was upgraded to "buy" from "hold" by Deutsche Bank Wednesday.

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."

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.

S ChartS data by YCharts

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