Deutsche Bank Starts Dish Network (DISH) at Buy
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Deutsche Bank initiated coverage on Dish Network (NASDAQ: DISH) with a Buy rating and a price target of $92. Analyst Bryan Kraft sees attractive risk/reward.
"DISH has put together an enviable mid-band wireless spectrum portfolio that we believe has at least three potential buyers or lessees (VZ, T, TMUS). While the ultimate path to monetization isn't entirely clear, we find the risk/reward compelling with a current market-implied valuation of $1.42 per MHz*POP. We ascribe $44B (after-tax) to the value of DISH's spectrum portfolio ($2.47 per MHz*POP pre-tax), and we see potential upside if the spectrum is monetized tax efficiently, or DISH secures a higher per MHz*POP value due to the asymmetric (downlink/uplink) proportions of its spectrum licenses," said Kraft.
Shares of Dish Network closed at $61.04 yesterday.
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