Dish price target lowered to $9 from $21 at Pivotal Research

Pivotal Research analyst Jeffrey Wlodarczak lowered the firm’s price target on Dish to $9 from $21 and keeps a Buy rating on the shares. The company reported “tough” Q3 results with PayTV results modestly worse than expected, retail mobile materially worse than expected and higher than forecast 5G operational spend, which net net drove Q3 free cash flow losses materially worse than forecast, the analyst tells investors in a research note. The firm says worse than expected free cash flow losses for a company that has sizeable debt maturities in 2024, potential need for capital to fund a spectrum purchase and likely material free cash flow losses for the next 4-5 years “is not going to get a positive reaction from investors.”