EchoStar price target raised to $91 from $59 at Morgan Stanley

Morgan Stanley raised the firm’s price target on EchoStar (SATS) to $91 from $59 and keeps an Equal Weight rating on the shares after updating the firm’s estimates to reflect the sale of spectrum to SpaceX, the firm’s updated Boost forecast, and a higher value for remaining spectrum. The news of the FCC concluding its investigation suggests less near-term pressure to monetize remaining holdings, the analyst tells investors. If the SpaceX deal closes, EchoStar will provide investors indirect exposure to SpaceX through the public markets, says the analyst, who notes the $8.5B stake is equal to about 30% of EchoStar’s market cap.