UPDATE: Redburn Starts Dish Network (DISH) at Neutral
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Redburn analyst Steve Malcolm initiates coverage on Dish Network (NASDAQ: DISH) with a Neutral rating.
The analyst comments "Dish holds the keys to future US wireless sector returns. Having accumulated 113MHz of idle spectrum, it is finally embarking on its long-awaited entry into the mobile market. However, a 3x levered balance sheet and a melting pay TV ice cube are a poor starting point to fund a fourth network build. It is impossible to justify the current share price if that is chairman Charlie Ergen’s plan. We think a sale to Comcast is Dish’s best option, but given the uncertainties, this can hardly be a ‘base case.’ We explore the various options available to Dish in this chapter."
Shares of Dish Network closed at $41.19 yesterday.
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