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The outlook for Dish Network looks difficult in the months ahead, according to Bank of America. Analyst David Barden double-downgraded the satellite TV provider to underperform from buy, saying in a Tuesday note that shares could fall nearly 20% as the timeline for its wireless network service build-out extends. "Over the past 12 months, the company has had to navigate a prolonged period of expected and unexpected technological challenges and would not likely hit cruising speed until 2024, by our estimate," he said. "Over this same year, a once-exciting and seemingly-clear set of opportunities to leverage its 5G wireless infrastructure now feels further away, in our view." Shares slumped 5.8% premarket on the downgrade, positioning the company to build on a 13% loss this year. Dish's stock lost about 57% in 2022's market wreck. Barden slashed the bank's price target to $10 from $30 a share, implying 18% downside from Monday's close. According to the analyst, Dish's goal to utilize its network advantage to benefit from 5G growth may also face headwinds near term. "Once the network is operational and at scale, the company would need to still prove it could form meaningful partnerships in an industry with established players chasing similar opportunities," he wrote. DISH 1D mountain Dish shares fall on Bank of America double downgrade — CNBC's Michael Bloom contributed reporting
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"dish" - Google News
February 28, 2023 at 06:56PM
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Bank of America double-downgrades Dish, predicts shares could fall nearly 20% - CNBC
"dish" - Google News
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