UBS upgrades EchoStar as SpaceX stake boosts asset value
UBS upgraded EchoStar (ECHO) to Buy, raising its price target to $150 from $127. The upgrade cites the significant value of EchoStar's expected ~2% stake in SpaceX and remaining spectrum holdings. UBS values the SpaceX stake at $55 billion, viewing it as the primary driver of value. The new target implies a 67% upside, based on a sum-of-the-parts valuation that includes a 20% discount for monetization uncertainty.