EchoStar Corp rises after TP increases
Telecommunications services firm EchoStar SATS.O shares rise 2.93% in premarket trade after brokerages raise target prices for the firm following its $17 billion deal to sell wireless spectrum to billionaire Elon Musk's SpaceX
Deal also enables EchoStar's Boost Mobile subscribers to access Starlink direct-to-cell service to extend satellite service to areas without service
TD Cowen raises PT on SATS to $100 from $67; Deutsche Bank to $102 from $67
"The SpaceX transaction adds $14.4B ($42/share) in estimated after-tax spectrum value to our PT," Deutsche Bank writes
"This SpaceX deal comes on the heels of the AT&T deal as EchoStar is unwinding its valuable spectrum portfolio, as EchoStar noted it has now resolved its dispute with the FCC," TD Cowen notes
TD Cowen raises PT to $100 from $67, while Deutsche Bank up their PT to $102 from $67
EchoStar's stock is up 252.10% year-to-date
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