UPDATE: Wunderlich Securities Downgrades DISH Network Corp. to Sell, Raises PT on AWS-3 Auction Valuation Extrapolations

In a report published Wednesday, Wunderlich Securities analyst Matthew Harrigan downgraded the rating on DISH Network Corp. DISH from Hold to Sell, but raised the price target from $60.00 to $67.00. In the report, Wunderlich Securities noted, “Wildly divergent current per MHz POP valuations for the four major U.S. mobile entrants suggest that it is dangerous to over-extrapolate from the current AWS-3 auction results, even as the final per MHz POP price for paired spectrum may approach a lofty $2.45. (Total auction bids are now at $38.4bn). We are increasing our DISH Network (DISH) price target to $67 from $60 while lowering our rating to Sell from Hold. This is off a 30% probability that all DISH's spectrum is monetized in 2015 at $38.6bn pre-tax and a 70% likelihood that alternative roadmaps by competitors to working with DISH dictate a mere $16.6bn 2015 valuation. There is also the issue that CBS (CBS-NR) owned stations may go dark this Thursday even as the NFL regular season enters December.” DISH Network Corp. closed on Tuesday at $75.27.