EchoStar price target raised to $28.50 from $27 at Citi

Citi raised the firm’s price target on EchoStar (SATS) to $28.50 from $27 and keeps a Neutral rating on the shares. The firm upped the price target after increasing its outlook for EchoStar’s spectrum value scenario ranges. Citi expects an initial update on EchoStar’s strategy within the 30-day period before the interest non-payment would be viewed as an event of default for the respective bond issues.