EchoStar Corporation (NASDAQ:SATS) is one of the 12 Best 5G Stocks to Invest in According to Hedge Funds. On January 7, TD Cowen raised its price target on EchoStar Corporation (NASDAQ:SATS) from $100 to $158 and maintained its Buy rating on the stock.
The research firm expects EchoStar Corporation (NASDAQ:SATS) to report solid fourth-quarter results. However, TD Cowen noted that the company’s “fundamentals will likely take a backseat for yet another quarter.” The firm highlighted that the higher price target is based on an updated sum-of-the-parts analysis of the company’s assets following the start of the spectrum sale process, particularly its stake in SpaceX.
Previously, on December 23, Citi also raised its price target on EchoStar Corporation (NASDAQ:SATS) from $87 to $111 and maintained a Neutral rating on the stock. Citi pointed to recent press reports suggesting a possible secondary share sale at a potential private valuation of $800 billion for SpaceX.
The research firm noted that this valuation would be twice the pre-tax value of the cost basis for its SpaceX shares, expected to be received by EchoStar Corporation (NASDAQ:SATS) once its pending spectrum sales are completed.
EchoStar Corporation (NASDAQ:SATS) is a global telecommunications company that provides networking services, television entertainment, and connectivity solutions to consumers, enterprises, operators, and governments.
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Disclosure: None. This article is originally published at Insider Monkey.
