UPDATE: Brean Capital Reiterates Buy Rating, Raises PT on DISH Network Corp. Following Better-Than-Expected Results

In a report published Wednesday, Brean Capital analyst Todd Mitchell reiterated a Buy rating on

, and raised the price target from $54.00 to $55.00. In the report, Brean Capital noted, “DISH reported a better-than-expected 35,000 net adds, on lower churn and solid ARPU trends. Results capped off a strong quarter for both satellite operators, highlighting the value of a differentiated video offering. DISH's Chairman Ergen detailed recent rulings from the FCC repurposing the utility of DISH's existing spectrum and outlining his position on Lightsquared ahead of the H-Block auction. Meanwhile, his message on wireless is narrowing; partner, or partners, mobile, video centric, and related and enhancing the core business. We believe the smart bet is that DISH has a road map to a lower fixed cost structure for delivering two-way video content to mobile devices, and the market opportunity is significant. Judging from the stock reaction yesterday, our concerns that investors might be looking for a quicker payback in the sale of the company or its spectrum appear to be overdone. As a result, we are raising our price target to $55 from $54 and reiterate our Buy rating.” DISH Network Corp. closed on Tuesday at $50.35.