UPDATE: Citi Lowers PT on EchoStar Corporation fro $42 to $32

Citi has published a reseach report on EchoStar Corporation (NASDAQ: SATS) lowering the price target.

In the report, Citi wrote, "Upon revisiting our thesis, we conclude: 1) prior multiple too high, 2) value of TerreStar investment may decline, 3) lowering STB estimates, 4) lowering FSS estimates and 5) removing option value related to Dish Mexico and Hughes cost synergies."

Citi rated EchoStar Corporation a BUY with a price target lowered from $42.00 to $32.00. Echostar Corporation closed Monday at $23.09.