Dish Network Corp. (DISH) Upgraded to “Strong-Buy” by Zacks Investment Research
Dish Network Corp. (NASDAQ:DISH) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research note issued to investors on Wednesday. The brokerage presently has a $60.00 price objective on the stock. Zacks Investment Research’s target price would indicate a potential upside of 14.66% from the stock’s current price.
According to Zacks, “DISH Network’s efforts to diversify its business model from being a pure-play satellite-TV operator to an Internet TV operator should aid the company’s performance as it has emerged as a strong alternative to counter the competitive threat from video streaming operators. Further, DISH Network is poised to benefit from its recent launch of a new version of its Internet TV service — Sling TV, which will allow subscribers to stream on up to three different devices simultaneously for $20 a month. Additionally, the company has a strong portfolio of wireless spectrums which can be monetized or can be used for installing mobile network. However, persistent loss of subscribers remains a headwind for DISH Network. “
Other analysts have also recently issued research reports about the company. Macquarie reiterated a “hold” rating and set a $62.00 target price on shares of Dish Network Corp. in a research report on Tuesday, May 31st. Jefferies Group reiterated a “buy” rating and set a $50.73 target price (down previously from $80.00) on shares of Dish Network Corp. in a research report on Friday, June 3rd. Wells Fargo & Co. reiterated a “buy” rating and set a $119.00 target price on shares of Dish Network Corp. in a research report on Friday, June 3rd. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Dish Network Corp. in a research report on Saturday, June 4th. Finally, Moffett Nathanson cut Dish Network Corp. from a “neutral” rating to a “sell” rating and set a $40.00 target price on the stock. in a research report on Tuesday, June 28th. They noted that the move was a valuation call. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, eight have issued a buy rating and two have issued a strong buy rating to the company’s stock. Dish Network Corp. presently has an average rating of “Hold” and a consensus target price of $66.24.
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Dish Network Corp. (NASDAQ:DISH) opened at 52.33 on Wednesday. Dish Network Corp. has a 12-month low of $38.85 and a 12-month high of $65.49. The company has a 50-day moving average price of $50.85 and a 200-day moving average price of $49.85. The firm has a market cap of $24.33 billion, a PE ratio of 27.95 and a beta of 0.79.
Dish Network Corp. (NASDAQ:DISH) last posted its quarterly earnings results on Thursday, July 21st. The company reported $0.88 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.71 by $0.17. Dish Network Corp. had a return on equity of 42.01% and a net margin of 5.75%. The company had revenue of $3.84 billion for the quarter, compared to analysts’ expectations of $3.86 billion. During the same period last year, the firm earned $0.70 earnings per share. Dish Network Corp.’s quarterly revenue was up .2% on a year-over-year basis. On average, equities analysts predict that Dish Network Corp. will post $3.07 earnings per share for the current year.
Hedge funds and other institutional investors have recently modified their holdings of the company. Geode Capital Management LLC increased its position in shares of Dish Network Corp. by 6.1% in the first quarter. Geode Capital Management LLC now owns 1,393,587 shares of the company’s stock valued at $64,432,000 after buying an additional 79,905 shares in the last quarter. Norges Bank bought a new position in shares of Dish Network Corp. during the fourth quarter valued at about $70,904,000. Virginia Retirement System bought a new position in shares of Dish Network Corp. during the first quarter valued at about $6,761,000. Franklin Resources Inc. increased its position in shares of Dish Network Corp. by 28.6% in the first quarter. Franklin Resources Inc. now owns 4,500 shares of the company’s stock valued at $208,000 after buying an additional 1,000 shares in the last quarter. Finally, Silvercrest Asset Management Group LLC increased its position in shares of Dish Network Corp. by 7.4% in the first quarter. Silvercrest Asset Management Group LLC now owns 25,447 shares of the company’s stock valued at $1,177,000 after buying an additional 1,760 shares in the last quarter. Hedge funds and other institutional investors own 45.34% of the company’s stock.
Dish Network Corp. Company Profile
DISH Network Corporation is a holding company. The Company operates through two segments: DISH and Wireless. It offers Pay-TV services under the DISH brand and the Sling brand (collectively Pay-TV services). The DISH branded Pay-TV service consists of Federal Communications Commission (FCC) licenses authorizing it to use direct broadcast satellite (DBS) and Fixed Satellite Service (FSS) spectrum, its owned and leased satellites, receiver systems, third-party broadcast operations, customer service facilities, a leased fiber optic network, in-home service and call center operations, and certain other assets utilized in its operations.
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