Goldman Sachs Starts Dish (DISH) at CL-Buy; Resumes Telecom, Cable, Satellite, and Towers (VZ) (WIN) (CMCSA) (AMT)
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Rating Summary:
10 Buy, 20 Hold, 5 Sell
Rating Trend: Down
Today's Overall Ratings:
Up: 20 | Down: 14 | New: 22
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Goldman Sachs resumed coverage on telcom, cable, satellite and towers. Notably, Goldman initiated coverage on Dish Network (NASDAQ: DISH) with a Conviction Buy rating and a price target of $78.00.
Verizon Communications (NYSE: VZ) was initiated with a Buy rating and a price target of $56. Comcast (NASDAQ: CMCSA) and American Tower Corp A (NYSE: AMT) were initiated at Buy with price targets of $64 and $112, respectively. Windstream (NASDAQ: WIN) was initiated at Sell with a price target of $9.50.
Analyst Brett Feldman said:
"DISH (CL-Buy). We believe DISH’s spectrum is undervalued by 40%+ with multiple catalysts for unlocking this value (e.g. AWS-3 auction in Nov)."
"VZ (Buy). VZ’s high-value customers are unlikely to jump to low-priced offers at S or TMUS. We see a significant opportunity to boost revenue in 2015 by driving 4G devices deeper into the base."
"WIN (Sell). We see sustained pressures on legacy revenues/margins as WIN’s modest capex boost is unlikely to drive an inflection. Valuation looks stretched: our SOTP implies downside risk even when accounting for the planned REIT spin-off."
"CMCSA (Buy). Growth in b’band + monetization at NBCU more than offset rising content costs. We expect dividends + buybacks to grow annually by 10%+ for the next 3-5 years on strong FCF."
"AMT (Buy). Big 4 capex on LTE is driving above run-rate revenue and AFFO growth for AMT, and our Attractive view on towers. Potential upside from acquisitions, notably in high-growth int’l markets."
Other stock mentioned in the report include CenturyLink Inc (NYSE: CTL), Frontier Communications (NASDAQ: FTR), SPRINT (NYSE: S), T-Mobile (NYSE: TMUS), Crown Castle International Corp. (NYSE: CCI), and SBA Communications Corp (NASDAQ: SBAC).
For an analyst ratings summary and ratings history on Dish Network click here. For more ratings news on Dish Network click here.
Shares of Dish Network closed at $64.81 yesterday.
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