FBR Capital Raises Price Target on DISH Network (DISH) Following Better-Than-Expected 3Q
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FBR Capital reiterated an Underperform rating on Dish Network (NASDAQ: DISH), and raised the price target to $48.00 (from $46.00), following the company's 3Q earnings report. Revenues of $3.7B were in line with the Street's estimate. EPS of $0.64 was lower than the consensus of $0.67.
Analyst David Dixon commented, "Deal speculation after the incentive auction will peak and should buffer DISH shares, short term. While industry standardization and chipset support is encouraging, we still see significant spectrum devaluation risk as the industry explores new spectrum deployment models that leverage low-cost commodity small cells on both unlicensed/shared and existing spectrum—meaning the outlook for a DISH spectrum sale, near to medium term, is less clear. We maintain Underperform but raise our price target to $48, from $46."
Shares of Dish Network closed at $56.38 yesterday.
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