Piper Jaffray Upgrades Rating, Raises PT To $6.50 On Sprint Nextel

Piper Jaffray has upgraded its rating from Neutral to Overweight and has increased its price target from $5 to $6.50 on Sprint Nextel Corp. (NYSE: S).

Says Piper Jaffray, in its report, “We are upgrading Sprint to Overweight on improving operational trends, that we think are sustainable through 2012 – chiefly better ARPU, coupled with an improved strategic outlook for the next generation (4G) network build and corporate structure. We are increasing our target to $6.50 from $5.00.”

S closed at $5.33 yesterday.