As reported earlier, Credit Suisse analyst Douglas Mitchelson initiated Dish with an Underperform rating and a price target of $30. The analyst believes that the bull case overestimates the propensity of Charlie Ergen to sell or being willing to settle for a rational price, stating that he "places a much higher value on his company than buyers". Mitchelson notes that this makes M&A, and perhaps even joint venture activity for Dish "unlikely" at a time when the company's free cash flow is drying up while it struggles to find funding to launch a competitive 5G service.