Citi analyst Michael Rollins raised the firm’s price target on EchoStar (SATS) to $111 from $87 and keeps a Neutral rating on the shares. The firm is citing the recent press reports that placed an upcoming secondary share sale at a potential private valuation for SpaceX at $800B, the analyst tells investors in a research note. This valuation for SpaceX would be twice the pre-tax value of the cost basis for its SpaceX shares anticipated to be received by EchoStar upon closing its pending spectrum sales, the firm added.
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