joeschmoe3
$ECHO UBS upgraded EchoStar to Buy from Neutral with a price target of $150, up from $127, after resuming coverage of the name. The firm says that after selling 75% to 80% of its spectrum portfolio for $43B, Echostar has pivoted from a wireless operator into an investment company, the analyst tells investors in a research note. The company's expected 2% stake in SpaceX (SPCX) represents $39B in value, or $110 per share, adds UBS. The firm values Echostar's remaining spectrum at $11B based on transaction precedents, Pay TV -plus Hughes at $6B, and Boost at $2B. It sees 65% upside from current share levels.
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