UPDATE: Goldman Sachs Raises PT to $29 on DISH Network

Goldman Sachs raises its price target from $27 to $29 on DISH Network DISH as it reiterates a Sell rating on shares given evident challenges that persist. Goldman Sachs comments, "Lack of rate hikes weighing on results. With DISH lapping 2011 price increases in March, 1Q showed challenges ARPU trends will face this year, with growth decelerating 180 bp to 1.8% yoy. 2Q is the first quarter with the full price hike in the year ago comp and we expect ARPU growth to turn negative (-0.9%). Subscriber-related expenses also began working against DISH in 1Q, with per sub growth of 5.1% yoy (+230 bp sequentially) as variable cost reductions were not enough to offset rising programming expense." DISH closed at $30.93 on Monday.