T-Mobile’s 5G network has received a major endorsement, with KeyBanc Capital Markets upgrading the stock as a result of its “best-in-class 5G network.”

Once a distant third-place carrier, behind Verizon and AT&T, T-Mobile has become the company to beat in the 5G race after its acquisition of Sprint. The magenta carrier purchased Sprint to gain access to that company’s wealth of mid-band spectrum, considered ideal for 5G deployment. Meanwhile, Verizon and AT&T have been playing catchup, spending billions to acquire the spectrum they needed to compete.

Keybanc evidently agrees with T-Mobile’s leading position, with analyst Brandon Nispel upgrading the stock, according to Seeking Alpha. The upgrade follows a downgrade in August 2021.

“Our August downgrade was based on the view that competition in wireless was increasing, expectations for growth were high, and valuation represented too substantial of a premium,” Nispel wrote in a note to clients. “While we still see the wireless market as increasingly competitive from Cable, we believe [T-Mobile] should continue to take substantially more share than AT&T and Verizon.”

The upgrade is good news for T-Mobile and a validation of its 5G strategy.