We recently published 10 Stocks Delivering Explosive 18-190% Gains. EchoStar Corporation (NASDAQ:SATS) is one of the last week’s heavy gainers.
EchoStar climbed by 30.94 percent week-on-week after rallying for seven consecutive days, as investors took heart from SpaceX’s billion-dollar public offering plan as well as an investment firm’s bullish coverage for its stock.
On Thursday alone, EchoStar Corporation (NASDAQ:SATS) jumped to an all-time high of $109.53 after Bloomberg reported that Elon Musk-led SpaceX—which it is a shareholder of—would pursue an initial public offering next year in a bid to raise more than $30 billion in fresh funds.
Bloomberg said that SpaceX may list publicly in June, targeting a valuation of around $1.5 trillion. EchoStar Corporation (NASDAQ:SATS), which currently owns $11.1 billion worth of SpaceX stock, stands to benefit from the IPO as it could substantially unlock the value of its investment.
In other news, EchoStar Corporation (NASDAQ:SATS) earned a higher price target of $110 from Morgan Stanley, versus $82 previously, as well as a rating upgrade of “overweight” versus “equal weight” prior.
According to the investment firm, EchoStar Corporation (NASDAQ:SATS) stands to benefit from the increasing competition in US wireless carriers.
“Spectrum is an appreciating asset, and we expect both Verizon (VZ) and T-Mobile (TMUS) to be aggressive in pursuing the remaining paired AWS-3 holdings at EchoStar,” it said.
While we acknowledge the potential of SATS as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock.
READ NEXT: 30 Stocks That Should Double in 3 Years and 11 Hidden AI Stocks to Buy Right Now.
Disclosure: None. This article is originally published at Insider Monkey.
