Dish Network (DISH) Investors Shouldn't Expect AT&T (T) To Act Quick On Takeover or Spectrum Buy - Nomura

Analysts at Nomura commented on the implications of the dropped AT&T (NYSE: T) bid for T-Mobile for Dish Network (Nasdaq: DISH).

"Similar to the recent Verizon/Spectrum Co. acquisition, we expect a material positive reaction in DISH shares to the AT&T news," the firm said.

Investors will view DISH Network's 40Mhz of nationwide S-Band spectrum as the next best alternative for AT&T, the firm notes. While their is logic with this thinking, Nomura's Mike McCormack caution investors against extrapolating that AT&T will quickly move to acquire DISH network, or just DISH's spectrum assets.

"We view either outcome as having an intense regulatory review, and as such, a low near-term probability," McCormack said. "We believe that AT&T's best alternative will be to focus on its LTE deployment on ~30Mhz of 700Mhz spectrum (PF Qualcomm) and remaining AWS spectrum," he continued.

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