Dish (DISH) Price Target Raised to $102 at Pivotal Research on Robust AWS-3 Auction

Pivotal Research reiterated a Buy rating on Dish Network (NASDAQ: DISH) and raised its price target to $102.00 (from $76.00). Analyst Jeffrey Wlodarczak noted a robust AWS-3 spectrum auction.

"Based on what has been a robust AWS-3 spectrum auction we raised the implied value of DISH spectrum holdings from $1.50MHz/pop to $2.50MHz/POP. After Round 23 the implied value for 50MHz of paired AWS spectrum was ~$1.87MHz/POP ($29.9B) and it seems reasonable that this will rise to $2.00 (or ~$32B) based on current trends," said Wlodarczak.

"Recall that the AWS-3 spectrum at auction may be unusable for 2-3 years given the need to move existing users off the bands and there is likely to be permanent interference issues in a portion of the spectrum, as compared to DISH's pristine 40MHz of AWS-4 and 10MHz of H-Block AWS spectrum (and 6MHz of 700MHz spectrum). In our opinion, DISH spectrum is worth substantially more than whatever the final price will be in this auction, but we conservatively are only assuming a 25% premium to where we forecast the current auction pricing will reach," continued the analyst.

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 $72.22 yesterday.

You May Also Be Interested In

• AGNC Investment Corp (AGNC) PT Lowered to $10.25 at Jones Trading
• South32 Limited (S32:AU) (SHTLF) PT Lowered to AUD4 at JPMorgan
• JPMorgan Upgrades Samsung SDS Co Ltd (018260:KS) to Overweight