UPDATE: Piper Jaffray Raises PT to $6 on Sprint Nextel; Survey Says LTE Not a Disadvantage

Piper Jaffray reiterated its Overweight rating on Sprint Nextel

and increased its price target from $5 to $6. Piper Jaffray said, "We are raising our price target on S shares to $6 from $5 following our recently concluded wireless survey. The survey focused on consumers' perceptions of 4G networks and interest in the upcoming iPhone 5. Based on the results, we don't believe the lack of a substantial 4G LTE network will materially hurt Sprint when the iPhone 5 is launched. … We were concerned that Sprint's late start in deploying LTE could hurt it when the iPhone 5 was launched (expected at the end of September). The results of our survey alleviated most of this concern." Sprint Nextel closed at $5.08 on Tuesday.