Citi Raises PT on EchoStar (SATS) stock

EchoStar Corporation (NASDAQ:SATS) is one of the High Growth Large Cap Stocks to Buy Right Now. On December 23, Citi analyst Michael Rollins raised the price objective on EchoStar Corporation (NASDAQ:SATS)’s stock to $111 from $87, while maintaining a “Neutral” rating, as reported by The Fly. As per the analyst, the firm cited the recent press reports, which placed an upcoming secondary share sale at the potential private valuation for SpaceX at $800 billion.

Citi Raises PT on EchoStar (SATS) stock

In a separate update, on December 22, UBS reduced the price target on the company’s stock to $125 from $128, while keeping a “Neutral” rating, as reported by The Fly.

As per the analyst, after the sale of 75% – 80% of EchoStar Corporation (NASDAQ:SATS)’s spectrum portfolio for ~$43 billion, the company transitioned from a wireless operator to an investment company. This prompted the valuation shift, assigning $11 billion to the remaining spectrum on the basis of precedents.

Notably, the 3% SpaceX stake, which is now being implied at ~$22 billion or roughly $65 per share utilising $800 billion valuation, reflects strong upside compared to the prior marks, added UBS.

EchoStar Corporation (NASDAQ:SATS) offers networking technologies and services.

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Disclosure: None. This article is originally published at Insider Monkey.