UPDATE: Raymond James Initiates Coverage on EchoStar on Increasingly Attractive Story

In a report published Friday, Raymond James analyst Chris Quilty initiated coverage on

with an Outperform rating and $52.00 price target. In the report, Raymond James noted, “Eclectic and oft-misunderstood, EchoStar Corporation has struggled over the past five years to establish a central identity and emerge from the shadow of its former corporate parent, DISH Network. That said, we believe investors will become increasingly attracted to the EchoStar story as the company executes on a number of existing growth initiatives and slowly, grudgingly makes itself more accessible to the investment community. Consequently, we are initiating coverage on EchoStar with an Outperform rating and a 12-month price target of $52.00.” EchoStar Corporation closed on Thursday at $46.59.