Rochester, NY 8/12/2009 1:05:16 AM
EchoStar Corporation SATS, Shares on the rise after Q2 upgrade by Citi
EchoStar Corporation
EchoStar Corp is up... surging actually when Citi Investment Research upgraded the offering.
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Share shot from $2.77 to $18.74 early afternoon Tuesday. Prices have varied between $12.78 and $33.95 over the past 52 week.
EchoStar, whose main client is Dish Network Corp. (a sister company) had Q2 profits more than doubled on investment gains, offsetting revenue declines.
Jason B. Bazinet (Citi analyst) is at least part of the equation that saw the stock shooting for the high ground, upgrading from "Sell" to "Buy" and targeting $21 (formerly $13.50).
Noting also that EchoStar's cash and marketable securities by themselves should translate to $15 per share.
"Since the firm has no debt, we believe this limits downside risk," the analyst wrote.
"The bottom line is that EchoStar is a far more attractive equity than it was 18 months ago," Bazinet wrote. "The firm is generating cash, the largest negative catalyst is off the table, and the potential for some substantial contract wins is closer than is was 18 months ago."
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