Sprint Shares Jump on UBS Upgrade (S)

Shares of Spring

are higher by more than 3% this afternoon, after UBS initiated a short-term Buy rating on the stock. UBS maintains a long-term Neutral rating on Sprint, with a $4.50 price target. According to the UBS report, analysts "believe the company 1) has begun to grow its postpaid subscriber base after 10M losses over the last 4 years, 2) will achieve wireless service revenue growth in 3Q and gain momentum into 2011 and 3) will not consolidate CLWR during the next capital raise (unlike our original thinking)." Sprint has struggled to stay competitive with wireless giants Verizon

and AT&T

. The company still holds a respectable market share, and is rolling out America's first 4G network. Shares of Sprint are higher by $0.15, to $4.59.