Raymond James analyst Ric Prentiss upgraded Telephone and Data to Strong Buy from Outperform with a price target of $32, down from $35, following what he calls an overreaction on Friday to the Q3 results. In a research note to investors, Prentiss says he believes the brand refresh and new rate plans will continue to drive foot traffic into stores, helping postpaid phone subscriber growth and continues to believe the best option to maximize return on invested capital for U.S. Cellular (USM) would be to affiliate with, or sell to, a larger carrier, whether the T-Mobile (TMUS)-Sprint (S) merger is approved or not. The analyst believes the stake in U.S. Cellular provides protection to the downside.