0859 ET - T-Mobile is used to competing against larger competitors, according to Raymond James in a research note. That's why recent fears over competition from SpaceX--which faces significant time and spectrum hurdles to realize its standing as a competitor--are overblown, analysts Frank Louthan and Rob Palmisano say. "Owning spectrum and building a robust five-nines modern mobile network that performs to the ubiquitous standards consumers are accustomed to are two different things, and we believe the incumbents (which now include TMUS, in our view) have significant advantages in terms of spectrum and terrestrial network capabilities," they say. Raymond James upgrades T-Mobile to outperform from market perform.