Barclays analyst Kannan Venkateshwar downgraded Dish to Equal Weight from Overweight, stating that while he believes the stock's current price implies "a deep discount relative to its intrinsic value," that "valuation may be moot if Dish is unable to fund its build and vendors are unwilling to work with the company." Venkateshwar notes a slight change in language in the company's 10K to describe financing risk that, while it "may be innocuous," he views as interesting as it comes at a time when the FCC already appears to be questioning Dish's build out plan. Venkateshwar cut his price target on Dish shares to $31 from $38 by using the lowest price that comparable unencumbered spectrum has traded at in the past.