Jefferies Reiterates Buy on DISH Network (DISH) Following 3Q
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Jefferies maintained a Buy rating and $80.00 price target on Dish Network (NASDAQ: DISH) following the company's 3Q earnings report. Revenue was in line, with expectations due to better net adds and in-line ARPU. Free cash flow of $291mn versus $389mn estimates, was driven by lower EBITDA, somewhat offset by lower than anticipated capital spending.
Analyst Mike McCormack commented, "While all eyes remain on spectrum, and the outcome of the broadcast auction, DISH gross additions were well ahead of expectations, as Sling momentum continues. Subscriber net losses on higher churn were a result of a programming dispute, and tighter credit standards. A price increase helped ARPU beat expectations, but also contributed to the higher churn. We expect investors to continue to remain focused on long-term optionality for the spectrum portfolio."
Shares of Dish Network closed at $57.93 yesterday.
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