FBR Capital Cuts Price Target on DISH Network (DISH) to $60 Following a 24c EPS Beat

FBR Capital maintained an Underperform rating on Dish Network (NASDAQ: DISH), and cut the price target to $60.00 (from $70.00), following 2Q results. Revenues of $3.8B were ahead of the consensus estimate of $3.7B. EPS of $0.70, beat the consensus estimates of $0.46.

Analyst David Dixon commented, "We believe DISH spectrum value is being pressured by increased capacity spectrum supply and utility, the theme of our spectrum conference this year. Further, we believe this is possibly driving a desire to sell spectrum expeditiously (versus a strategy shift driven by the potential loss of DE discounts and a $3.3B payment). Management noted the potential to spin off a spectrum holding company from the DBS business to generate shareholder value."

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 $66.92 yesterday.

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