Morgan Stanley raised the firm’s price target on EchoStar (SATS) to $59 from $25 and keeps an Equal Weight rating on the shares, reflecting estimated after tax sale proceeds and estimated after tax book value of remaining low and mid-band spectrum following the AT&T (T) and EchoStar mid-band spectrum deal announcement. The firm notes that its $105 EchoStar bull case assigns estimated private market values on the remaining low and mid-band spectrum and that its $33 bear case assumes no additional sales.
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