Citi analyst Michael Rollins downgraded EchoStar to Neutral from Buy with a price target of $44, down from $47.79, after taking over coverage of the name. The company's lack of free cash flow and limited visibility on its future growth prospects will likely limit the potential for multiple expansion, Rollins tells investors in a research note. Further, while EchoStar retains "significant optionality" regarding its spectrum holdings and more than $2.5B in liquidity, the company is likely to prioritize organic investments and acquisitions over share repurchases, adds the analyst.