Sprint PCS Trades Higher Following Chase H&Q Upgrade

Sprint PCS(PCS Quote - Cramer on PCS - Stock Picks) was up 8.7% in early afternoon trading after Chase H&Q upgraded it to strong buy from buy due to the wireless service company's attractive share price.

Analyst Thomas Lee said the stock is worth $28 in the short term, an 18% premium over Tuesday's close. Lee retained his long-term target of $68.