Sprint (S +3.2%) rallies on an upgrade to Buy from Nomura's Mike McCormack, who is lifting his target all the way to $7 from $2.50. McCormack argues Sprint is executing well on its 4G LTE buildout (and thereby keeping costs down); is competing effectively against AT&T and Verizon with the help of aggressive pricing; and thinks its EBITDA service margin can top 20% after spending recent years in the 16% range.
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