UPDATE: Wunderlich Securities Raises DISH Network's PT

According to a research report published today, Wunderlich Securities has increased DISH Network's

PT from $24 to $29. Wunderlich Securities commented in the report, “We remain circumspect on the underlying LT health of Hold-rated DISH Network's (

) core video business and tenuous likelihood of regulatory approval of any supposed acquisition by AT&T. That said, the evident dearth of LTE spectrum now leads us to assign historical transaction value to DISH's purchases, even if there are high risks to greenfield development in concert with a second-tier mobile partner. This increases our target to $29. We were not surprised by the FCC's decision not to grant an immediate waiver for terrestrial only, even if it did approve the license transfers. Despite CEO Ergen's remonstrances on the need to deploy the network now, a delay has manifold advantages.” DISH Network is currently trading at $29.15.