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Citi Raises Price Target On Echostar (SATS)
By Roger Nachman
Created 10/29/2010 - 6:59am
Citi Investment Research is raising its price target on Echostar Corporation (NASDAQ: STAR [1]) to $25, and upgrading it to Buy.
In the research report sent to clients, Citi writes, "Possible mobile video launch by SATS (in 2011) may allow SATS to begin to generate cash flow from its strategic investments. Incremental capital outlays apt to be modest, around $100 million. Tivo acquisition less troubling given decline in TiVo equity value (thereby preserving pro forma cash, marketable securities per share). Raise target from $17.50 to $25.00."
Shares of SATS gained 4 cents yesterday to close at $20.36, a gain of 0.2%
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