Wunderlich Securities Has Sell On DISH Network (DISH)

Wunderlich Securities has a Sell rating and a $21 price target on shares of DISH Network Corp. (NASDAQ: DISH).In a note to clients, Wunderlich writes, "The nuclear winter scenario for an extended shutdown for an unlikely six mm in subject DVR boxes may still be avoided, but the mixed albeit materially adverse TiVo (TIVO-NR) litigation en banc ruling is another building block in a wall of worries. The lower end consumer is challenged and the high operating leverage in DISH Network's (DISH) model could readily tilt against it even as it emphasizes higher ROIC customers. There is also evident risk in hardening out the model for DISH's mobile/fixed wireless filing with the FCC on 4.11.11. It is cavalier to assume DISH can simply warehouse and then flip the spectrum at a price mark-up; DISH really may build out an MSS/ATC network."Shares of DISH are up 62 cents to $24.20 today, a gain of 2.6%.