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UBS lowered the firm's price target on EchoStar to $125 from $128 and keeps a Neutral rating on the shares. Following the sale of 75%-80% of its spectrum portfolio for roughly $43B, EchoStar has pivoted from a wireless operator to an investment company, prompting a valuation shift that assigns $11B to remaining spectrum based on precedents, the analyst tells investors in a research note. Its 3% SpaceX stake, now implied at about $22B or roughly $65 per share using an $800B valuation, represents significant upside versus prior marks, the firm says.

Citi analyst Michael Rollins raised the firm's price target on EchoStar to $111 from $87 and keeps a Neutral rating on the shares. The firm is citing the recent press reports that placed an upcoming secondary share sale at a potential private valuation for SpaceX at $800B, the analyst tells investors in a research note. This valuation for SpaceX would be twice the pre-tax value of the cost basis for its SpaceX shares anticipated to be received by EchoStar upon closing its pending spectrum sales, the firm added.

Deutsche Bank raised the firm's price target on EchoStar to $131 from $97 and keeps a Buy rating on the shares. The firm sees 28% upside potential in the shares on "clear catalysts" from a potential sale of EchoStar's AWS-3 paired spectrum. Other catalysts include the company reaching settlements with tower providers, a SpaceX initial public offering, and a resolution of the Dish creditor lawsuit, the analyst tells investors in a research note. Deutsche continues to believe that Verizon and T-Mobile are interested in Echostar's paired AWS-3 licenses.

Shares of EchoStarjumped on Tuesday and are trading up again today as it was reported that SpaceX is moving ahead with plans for an initial public offering next year. Elon Musk's rocket company is said to be seeking to raise "significantly more" than $30B at a valuation of about $1.5T. This morning, Morgan Stanley upgraded EchoStar to Overweight, saying it believes the company is benefiting from rising competitive intensity as a seller of spectrum.2026 IPO:Elon Musk's SpaceX is moving ahead with plans for an initial public offering that would seek to raise "significantly more" than $30B at a valuation of about $1.5T, which would make it the biggest listing of all time, people familiar with the matter told Bloomberg's Ed Ludlow and Eric Johnson. SpaceX's management and advisers are pursuing a listing as soon as mid-to-late 2026, but the timing of the IPO could change based on market conditions and other factors, and one of the people said the timing could slip until 2027, the report noted. Other publicly traded companies involved in space launch systems and services include FireFly Aerospace, Rocket Lab, Intuitive Machines, Boeing, AST SpaceMobile, Virgin Galactic, Lockheed Martin, Northrop Grumman, and L3Harris Technologies.Back on December 5, The Wall Street Journal's Berber Jin and Corrie Driebuschthat SpaceX was kicking off a secondary share sale that would value the rocket-maker at $800B, citing people familiar with the matter. The $800B valuation is double the $400B value it fetched in a recent secondary share sale, the authors note.RISING COMPETITIVE INTENSITY:Morgan Stanley upgraded EchoStar to Overweight from Equal Weight with a price target of $110, up from $82. The company says the company is benefiting from rising competitive intensity as a seller of spectrum. The upgrade reflects EchoStar's opportunity to unlock value through tax-efficient spectrum sales, the firm adds.Morgan Stanley notes that it raised its price target for EchoStar shares to $110 based on increased value associated with announced spectrum sales to AT&Tand SpaceX. It also raised its estimate for the value EchoStar will capture with its remaining AWS-3 spectrum licenses from $1.50 to $2.50 as it expects both Verizonand T-Mobileto be interested in this spectrum for their networks. Discussing a bull case for EchoStar, the firm says it also believes there may be opportunities for the company to shield a portion of its considerable tax liability from these sales. EchoStar is receiving SpaceX shares at $212 per SpaceX share. Therefore, every $100 of SpaceX share price equals $18/share or 20% to EchoStar equity. "The WSJ reported that SpaceX is launching a secondary sale valuing the company at $800bn, although the CEO denied that was the case. At that valuation, our bull case would move to $150," the firm added.Of note, EchoStar announced back in November that it had entered into an amended definitive agreement with SpaceX to sell the company's unpaired AWS-3 licenses for approximately $2.6B in SpaceX stock valued as of September 2025. This transaction builds on the agreement the companies entered into in September. Closing of the proposed transaction will occur after all required regulatory approvals are received and other closing conditions are satisfied. Current operations of EchoStar's DISH TV, Sling TV, Boost Mobile and Hughes will not be impacted by this transaction.PRICE ACTION:Shares of EchoStar have gained almost 6% on Wednesday morning, trading to $98.81 per share.

Morgan Stanley upgraded EchoStar to Overweight from Equal Weight with a price target of $110, up from $82. The company says the company is benefiting from rising competitive intensity as a seller of spectrum. The upgrade reflects EchoStar's opportunity to unlock value through tax-efficient spectrum sales, the analyst tells investors in a research note.

Citi raised the firm's price target on EchoStar to $87 from $85 and keeps a Neutral rating on the shares. The company's earnings call affirmed that it is undergoing "transformational change," the analyst tells investors in a research note.