UPDATE: Brean Capital Reiterates Buy Rating, Raises PT on DISH Network Corp. Following 4Q13 Preview

In a report published Wednesday, Brean Capital analyst Todd Mitchell reiterated a Buy rating on DISH Network Corp. DISH, and raised the price target from $55.00 to $62.00. In the report, Brean Capital noted, “We are big fans of DISH. It is a great story. On a sum-of-the-parts basis, one can argue upside through a number of scenarios. However, after nearly doubling in two years, we think shares of DISH are over-weighted towards a quick-and-easy outcome that we do not see as highly likely. We believe DISH needs a national wireless carrier to carry out Chairman Charles Ergen's plans for entrée into that business. We think T-Mobile is the target. We think it always has been. We suspect DISH is lobbying hard behind the scenes to quash a Sprint-T-Mobile tie up. We would not underestimate this effort. DISH has cultivated powerful friends and deep constituencies. We do not think Comcast-TWC cannot be blocked legally, but no one on the Hill is going to feel so generous with two foreign-controlled companies that can be. How DISH swallows T-Mobile, we cannot say for sure, but with the prize at hand, we think Ergen could bet the house, even if it means putting pressure on equity valuations for the time being.” DISH Network Corp. closed on Tuesday at $57.09.