The analyst upgraded DISH Network stock to "buy" from "neutral"
Broadcasting concern DISH Network Corp (NASDAQ:DISH) is up 4.9% at $30.91 this morning, following an upgrade from UBS to "buy" from "neutral." The analyst called DISH "undervalued," noting its next-generation, cloud-based 5G network has some good long-term growth potential. The firm in question maintains a price target of $44.
UBS joins a bullish brokerage bunch. Heading into today, seven called DISH a "strong buy," compared to three "hold" ratings. Plus, the 12-month consensus price target of $45.60 is a 54.7% premium to last night's close.
Short interest has also been on the rise, however, up 6% in the most recent reporting period. The 25.18 million shares sold short make up a hefty 10.1% of the stock's available float, and would take over eight days to cover, at its average daily pace of trading.
The stock has lost roughly 9% this year, with a notable bounce off its Feb. 24 annual low of $25.84 rejected by the 80-day moving average. This trendline also acted as a ceiling during a mid-January breakout on the chart. On the flip side, DISH seems to have found a floor near the $28 level, which has captured several pullback since December 2020.