EchoStar Corporation (ECHO.O): Renewing Coverage on ECHO with a Buy/High Risk Rating

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EchoStar Corporation (ECHO.O): Renewing Coverage on ECHO with a Buy/High Risk Rating

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07 Jul 2026 07:35:39 ET │ 18 pages

EchoStar Corporation (ECHO.O)

Renewing Coverage on ECHO with a Buy/High Risk Rating

CITI'S TAKE

We have renewed our rating on ECHO after a period of Rating Suspended

with a Buy/High Risk rating and a $126 per share price target. Our thesis is

that we still see significant value creation from ongoing spectrum Buy / High Risk from Rating Suspended

monetization, potential asset monetization of its video and other assets, Price (06 Jul 26 16:00) US$98.29

and the after-tax value of expected SPCX investment based on Citi’s target

Target price US$126.00for SPCX at $200 per share, as detailed in our recent note (link). Our revised

target of $126 incorporates Citi’s 12-month target for expected SCPX from -

shares, lower values for its operating assets, similar values for remaining Expected share price return 28.2%

mobile spectrum monetization, significant ongoing after-tax liabilities

Expected dividend yield 0.0%related to vendor litigation, and a conglomerate/NAV discount of 25%. The

recent AWS-3 reauction results do not materially dilute our value outlook Expected total return 28.2%

for EchoStar at roughly cost for its remaining paired AWS-3 and CBRS Market Cap US$28,486M

spectrum, even though EchoStar likely influenced the auction values higher.

Background — EchoStar is in the process of reshaping the company after

monetizing a portion of its spectrum, expectation to receive 262 million shares of Price Performance

SpaceX stock with its pending spectrum sales (expected to close in 2027), and

(RIC: ECHO.O, BB: ECHO US)opportunities to further monetize remaining spectrum and operating assets. The