EchoStar downgraded to Underweight from Neutral at JPMorgan

JPMorgan downgraded EchoStar to Underweight from Neutral with an unchanged price target of $12. The analyst cites leverage and funding concerns for the downgrade. The company is also still ramping its wireless efforts, which brings increased spending, the analyst tells investors in a research note. The firm says EchoStar’s funding remains the key focus with company engaging in constructive discussions with counterparties to fund its November maturity. It believes the company will be able to raise funding ahead of the maturity, likely spectrum-backed, but says addressing further maturity walls “seems more complicated.”