UPDATE: Wunderlich Securities Upgrades DISH Network to Buy Following Clearwire Bid

Wunderlich Securities upgraded DISH Network

from Hold to Buy and raised the price target from $29.00 to $42.00. Wunderlich Securities noted, "We are raising DISH Network (DISH) to Buy and increasing our price target to $42 from $29 after modeling a greenfield wireless business on both shared network and Lone Ranger build approaches. This is while assigning only a $25 per-share valuation off just core video. Our base wireless valuation on a shared development approach is $10.7B, but a solitary launch with all attendant risks is plausible after yesterday's spoiler bid for Clearwire (CLWR-NR). AT&T (T-NR) and T-Mobile are still plausible partners, but DISH's litigiousness could derail partnerships given the convoluted provisions necessary for a shared network launch or a sale/wholesaling arrangement. Flawless wireless execution could, as a wildcard, double DISH's stock price." DISH Network closed at $35.97 on Tuesday.