EchoStar price target raised to $20 from $14 at Morgan Stanley

Morgan Stanley raised the firm’s price target on EchoStar to $20 from $14 and keeps an Equal Weight rating on the shares. The stock “remains a call-option on unlocking value” from the company’s $30B spectrum portfolio, while the Pay-TV value roughly covers the debt, implying $6.5B for wireless, the analyst tells investors. The firm is raising estimates on higher Pay-TV EBITDA and lower Wireless losses, offsetting lower Broadband and Satellite earnings, the analyst noted.