UPDATE: Goldman Sachs Reiterates Sell, Ups PT to $25 on Dish Network

Goldman Sachs maintains its Sell rating on Dish Network (NASDAQ: DISH) and raises its price target to $25 as spectrum upside may be already captured.

Goldman says, “Spectrum enthusiasm has overshadowed poor operating performance. DISH shares performed well this year despite the company again losing subscribers, and our 2011 revenue and EBITDA estimates moving down 2.6% and 0.5%, respectively. What's changed is the perception around the value DISH has created with recent spectrum acquisitions.”

DISH closed at $25.83 per share on Friday.