EchoStar Shares Could Follow SpaceX's Catalyst Path, UBS Securities Says

MT Newswires Live01:40

EchoStar's (ECHO) stock upside could be primarily driven by its expected 2% stake in SpaceX's (SPCX), given the rocket company's ability to execute, UBS Securities said in a note Tuesday.

SpaceX has a multifaceted return profile and multiple drivers of upside for long-term investors, with Starship effectively giving the rocket manufacturer commercial control over access to space for the next decade, according to the note.

EchoStar will likely use cash proceeds from the SpaceX and AT&T (T) spectrum deals to repay debt and finance potential investments in telecom, aerospace, and defense sectors, UBS said.

EchoStar's remaining spectrum assets could also be monetized as the company winds down its wireless operations, with the AWS-3 spectrum rights viewed as the most valuable airwaves and the 700 megahertz E-Block holdings seen to fit well with airwaves held by AT&T, analysts wrote.

The company's operating businesses are impacted by stiff competition, with DISH Pay TV, Hughes, and wireless infrastructure businesses currently in bankruptcy, the brokerage said, adding it does not factor any haircuts to debt obligations in its base case.

UBS Securities upgraded EchoStar to buy from neutral, and raised the price target to $150 from $127.

EchoStar shares were up 3.9% in Tuesday trading.

Price: 93.28, Change: +3.48, Percent Change: +3.88

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