Citigroup says the U.S. wireless industry isn't facing a spectrum shortage and needs to do a better job managing the bandwidth it already has.

The report claims that wireless operators and other spectrum holders like cable operators are using only a portion of their spectrum to provide wireless services.

Citigroup's analysis was made public by the National Association of Broadcasters, which has been at odds with the wireless industry over an FCC proposal to auction off additional television airwaves for mobile broadband service.

AT&T, Verizon, Sprint, Clearwire, T-Mobile USA and Leap have a combined 230 MHz of unused spectrum, according to the report. Citigroup estimates just 192 MHz is currently being used by the operators for commercial service, with more than three-quarters of it deployed in 2G and 3G networks. Another 116 MHz of unused spectrum is held by a group of cable operators and an assortment of other companies.

"Too much spectrum is controlled by companies that are not planning on rolling out services or face business and financial challenges. And, larger carriers cannot readily convert a substantial portion of their spectrum to 4G services, because most existing spectrum provides 2G-3.5G services to current users," Citigroup analysts Jason Bazinet and Michael Rollins wrote in their report.

An additional 300 MHz of spectrum could be released for mobile broadband services, but that estimate includes 47 MHz controlled by Dish Network and 120 MHz that can't be released until Congress gives the FCC authority to conduct new broadcast auctions.

Citigroup's bottom line: "We do not believe the US faces a spectrum shortage. However, unless incumbent carriers accelerate their 4G migration plans, or acquire more underutilized spectrum, upstart networks – like Clearwire, LightSquared and Dish – could have a material speed advantage over incumbent carriers provided that they can clear meaningful hurdles for funding and distribution."

CTIA quickly sought to rebut the report.

"As we have said multiple times in the past, and has been recognized by a bipartisan group of lawmakers in the House and the Senate, the President, and the Chairman of the FCC, there is a need to bring additional spectrum to market to fuel what is one of the country's key industries," CTIA regulatory affairs executive Chris Guttman-McCabe said in a statement. "Our member companies would not be lining up to spend billions of dollars at auction for the right to use this spectrum if there was not explosive consumer demand for mobile broadband services."

CTIA cast dispersion on the report's assertion that the availability of spectrum was "high," citing the fact that a good portion of the bandwidth included in the estimate is awaiting congressional action before it can be brought to auction.