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Fly News Breaks for June 21, 2018
DISH
Jun 21, 2018 | 06:13 EDT
Goldman Sachs analyst Brett Feldman downgraded Dish Network to Neutral from Buy and lowered his price target for the shares to $39 from $63. Despite the stock's "material underperformance," the analyst sees limited potential for Dish to unlock the value of its spectrum assets over the next 12-24 months. As such, he expects the company's spectrum to continue trading well below intrinsic value. Further, Feldman estimates that intensifying structural headwinds to Dish's satellite TV services will put downward pressure on free cash flow and upward pressure on net leverage.
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