SATS - Citi revises price targets for Dish Network EchoStar

2023-10-16 08:01:14 ET

Brokerage Citi revised telecom provider Dish Network's ( NASDAQ: DISH ) price target to $6 and lowered satellite operator EchoStar's ( NASDAQ: SATS ) PT to $17.

Shares of Dish Network slipped 0.4% in premarket trading. EchoStar's shares reamained flat.

Citi's analysts said that DISH and SATS face risk from higher borrowing rates, due to expectations that DISH needs more than $7 billion of capital through 2025 to fund its network investments and upcoming debt maturities.

The analysts added a high-risk rating for SATS, in-line with its high-risk rating on DISH.

Dish Network and EchoStar continue to have strategic optionality to chase external business partners, incremental capital, and future M&A that can shore up a more constructive value for the assets.

In August, Dish Network and EchoStar announced that they were going to merge in an all-stock transaction .

For further details see: