Shares of Sprint Nextel could rise to about $6 a share, helped by the introduction of a mobile phone that works on the carrier's new high-speed network, according to business weekly Barron's.

The newspaper said in its May 24 edition that Sprint's total subscriber base could grow as it takes the lead with a phone that runs on its 4G network, which it promises will deliver speeds up to 10 times faster than existing networks. Sprint's new phone, called the Evo 4G, goes on sale next month.

As Sprint's revenue and cash flow increase, its shares could climb, even though its bottom line remains in the red, the paper said.

With Sprint Nextel's shares at around $4.50, the market is still not giving Sprint credit for the strong cash flow, the paper said. Sprint trades at a so-called free cash flow yield of near 20 percent, compared to about 10 percent for rivals AT&T and Verizon.

(Reporting by Franklin Paul; Editing by Leslie Adler)