Benzinga | Jul 26, 2021 10:38AM EDT

MoffettNathanson Upgrades DISH To Neutral; Increased Price Target Implies 4% Downside

* MoffettNathanson analyst Craig Moffett upgraded DISH Network Corp (NASDAQ:DISH) to Neutral from Sell with a price target of $40, up from $15, implying a 4% downside.

* The upgrade follows the company's services agreement with AT&T Inc (NYSE:T).

* AT&T has offered Dish with enormous optionality, Moffett stated.

* The network service deal is a game-changer for Dish and a disastrous result for the wireless game-changer.

* The extended agreement gives Dish more time to build out its network and improves the likelihood of a strategic partnership and future financing.

* Moffett now views Dish's bankruptcy risk as much lower.

* Price action: DISH shares traded higher by 3.07% at $42.96 on the last check Monday.