UPDATE: Credit Suisse Upgrades Sprint

On Thursday, analysts at Credit Suisse upgraded shares of Sprint Corporation (NYSE: S) to Neutral from Underperform with a $6 price target.

Analysts find, "Softbank is flush with liquidity from the Alibaba IPO that could be used to acquire the remaining 20% of Sprint. Finally, we expect Sprint to turn net add positive in 4Q14, which could be a catalyst; although we are not convinced it would portend a long-term fix of the business."

Joseph Mastrogiovanni mentioned, "given the new CEO and strategy any positive data from Sprint could act as a short term catalyst."

Shares of Sprint recently traded at $6.05, up 0.83 percent Thursday morning.