Brean Capital Reiterates Buy Rating, $42 PT on DISH Network Corp. on 4Q12 Operating Results

In a report published Wednesday, Brean Capital reiterated its Buy rating and $42.00 price target on DISH Network Corp. DISH. Brean Capital noted, “DISH's 4Q12 operating results were inline, but stock could languish in the near-term. We still like DISH longer-term. We think the Street is overly bearish on satellite vis-à-vis the cable MSO, and DISH is trading at a significant discount to its peer group. We think the spectrum assets it is carrying are undervalued, even if we do not think there is a quick and easy plan for monetization, and we think that its plans to create a hybrid satellite-wireless platform have the potential to create long-term value. However, in the near-term we continue to expect somewhat lethargic operating results from the DISH Network, lower EBITDA, EPS and FCF from investment in Blockbuster and its wireless ambitions, but without real clarity as to what its plans for wireless are, who it will partner with, and what the ensuing investment requirements will be. As a result, we think the stock could languish in the near-term.” DISH Network Corp. closed on Tuesday at $36.09.