UBS lowered the firm’s price target on EchoStar (SATS) to $125 from $128 and keeps a Neutral rating on the shares. Following the sale of 75%-80% of its spectrum portfolio for roughly $43B, EchoStar has pivoted from a wireless operator to an investment company, prompting a valuation shift that assigns $11B to remaining spectrum based on precedents, the analyst tells investors in a research note. Its 3% SpaceX stake, now implied at about $22B or roughly $65 per share using an $800B valuation, represents significant upside versus prior marks, the firm says.
Claim 70% Off TipRanks This Holiday Season
- Unlock hedge-fund level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SATS:
- EchoStar price target raised to $111 from $87 at Citi
- Could SpaceX Go Public Through a Merger With EchoStar (SATS)?
- EchoStar price target raised to $131 from $97 at Deutsche Bank
- Morning News Wrap-Up: Thursday’s Biggest Stock Market Stories!
- EchoStar Stock (SATS) Jumps despite Antitrust Alarm over $40B AT&T, SpaceX Deals