Pivotal ups Dish target to $21 after ‘attractive’ EchoStar deal

Pivotal Research raised the firm’s price target on Dish (DISH) to $21 from $20 and keeps a Buy rating on the shares. The company announced an all-equity merger with EchoStar (SATS) at an “attractive” 3.5-times 2023 EBITDA valuation, the analyst tells investors in a research note. The firm says EchoStar is a complementary business that generates material free cash flow and has leveragability and material net cash. If Dish’s “innovative” 5G technology develops as it expects, Pivotal views $21 as likely to be a conservative target.