Morgan Stanley Sees Multiple Value Drivers for DISH Network

In a report published Friday, Morgan Stanley analyst Benjamin Swinburne reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “DISH's core operations are in a mature, highly competitive US pay-TV industry, while spectrum assets remain a key value driver. Valuable spectrum assets provide potential upside, though the range of possible outcomes are wide as DISH contemplates entering the competitive US wireless industry. Unclear strategy and capital allocation plan should continue to weigh on DISH's multiple, particularly in contrast to cable / sat peers that are increasingly focused on return of capital.” DISH Network closed on Thursday at $57.24.